Water Exclusion Clause
Provision in many property insurance policies that excludes coverage for floods and backup from sewers or drains and underground water. Because floods and hurricanes are generally confined to certain areas, only policyholders in those areas need flood insurance. Therefore, it is impossible for underwriters to spread the risk, which is the basis of underwriting. But because homeowners in the endangered areas need insurance, the U.S. government developed a special FEDERAL FLOOD INSURANCE program.
Popular Insurance Terms
Type of trust established for the purpose of permitting the federal estate marital deduction for assets transferred from the decedent's estate to a surviving spouse who is not a citizen of ...
Trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the association is to further the common interests of its members. ...
Effort of a poor risk to seek insurance coverage. The onset of a health problem such as heart disease, for example, may prompt a person to apply for life insurance before seeking medical ...
Statement of the financial condition of the insurance company, as well as significant events during the year in which the company has been involved and/or that have affected the company. ...
Comprehensive gain or loss on a security over a stipulated period of time comprised of capital appreciation plus dividend/interest received. ...
Property insurance premium rate that is applicable to a single, particular piece of property. ...
Payment made by a party causing harm to the party incurring that harm. ...
Accident policy that covers a traveler for a single trip on an airplane or other common carrier. The name comes from its origin as part of the ticket or ticket stub, but these policies are ...
Court that presides over estate distribution settlements, documentation of wills, and the appointment of legal guardians. ...
Have a question or comment?
We're here to help.