Term
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Definition
| Insurance that pays the insured for loss of property that is named in and insurance policy form a peril insured against. |
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Term
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Definition
| Insurance that pays a third party for a claim caused by the negligence of the insured. |
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Term
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Definition
| A section in an insurance policy that includes the identity and address of the named insured, policy term, amount of insurance or limits of liability, policy premium, and deductibles.Also includes either a property description or a schedule of coverage parts and a list of endorsements. |
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Term
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Definition
| A section in an insurance policy that describes the covered perils, or risks assumed, or nature of coverage or makes some reference to the contractual agreement between insurer and insured. |
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Term
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Definition
| A section in an insurance policy that sets provisions, rules of conduct, duties, and obligations for the parties. ie. description of policy period and territory, the insured's obligation to provide proof of loss, how settlements are handled when other insurance is involved. |
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Term
| EXCLUSIONS AND LIMITATIONS |
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Definition
| Part of an insurance policy that may describe property, perils, hazards, or losses arising from specific causes that are not covered by the policy. |
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Term
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Definition
| Some policies include limitations that are less sweeping that true exclusions. A limitation may eliminate or reduce coverage, but only under certain circumstances or when specified conditions apply. |
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Term
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Definition
| Part of an insurance policy that defines important terms used in the policy language. |
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Term
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Definition
| Part of an insurance policy that is used to add, delete, or change any of the policy parts. |
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