Work And Materials Clause
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of business. Without this clause, a policy may be voided for fraud, concealment, or misrepresentation of an undisclosed increased hazard. The clause provides a defense for a policyholder against a charge of increasing the hazard of a workplace if the materials in question are necessary to the business.
Popular Insurance Terms
Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...
Rejection by an insurance company of an application for a policy. ...
Payment for coverage that remains throughout the same premium-paying period. ...
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Individuals who inherit assets as the result of being named in a will. ...
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Restoration of a policy that has lapsed because of nonpayment of premiums after the grace period has expired. In life insurance the reinstatement time period is three years from the premium ...
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