Sections in insurance policies

Declarations- Information page that provides specific details about the insured and the subject of insurance.

Definitions- This section defines terms that have specific meaning with regard to the coverage provided.

Insuring agreements- This is a statement that the insurer will, under certain circumstances, make a payment or provide a service.

Exclusions - These are policy provisions that eliminate coverage for specific exposures.

Conditions - These are conditions related to the coverage provided.

Miscellaneous provisions- Contain provisions that do not qualify as one of the components described above.

Comments

Post a Comment

Popular posts from this blog

Risk Management Techniques

Image
Four basic risk management techniques are Avoidance -  Whenever an organization/individual does not posses the capacity to handle the risk while ensuring a high degree of safety, it should choose avoidance as a risk management technique. Loss Control/Risk Reduction-  Loss Prevention &  Loss Reduction Ø Retention -  This is used when either the organization/individual possesses the capacity to face the consequences of risk or has no other option to mitigate risk. Risk Transfer-   Risk sharing involves sharing risk with another organization through a contract.  Guess what type of risk management technique is insurance!!! „
Read more

Insurance Glossary

Insured - Person/Persons covered in insurance policy Insurer - insurance company Insured property - Property covered in insurance policy in case of property insurance Agent -   I ndividual who sells and services insurance policies in either of two classifications:    Independent agent represents at least two insurance companies    Direct or career agent represents only one company and sells only its policies. Broker -   Insurance salesperson that searches the marketplace in the interest of clients, not insurance companies. Casualty Insurance -   That type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the insured for such injury or for damage to property of others. It also includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and forgery, boiler and machinery insurance and Aviation insurance. Many casualty companies also w...
Read more