Exclusions, Property And Casualty Insurance
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are excluded because they are uninsurable by nature in that the loss frequency and severity do not lend themselves to accurate predictions, the premium rates chargeable would be prohibitive, and in some instances coverages are found in other policies.
Popular Insurance Terms
Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
(Formerly the American College of Life Underwriters) accrediting body for the CLU (Chartered Life Underwriter) and the ChFC (Chartered Financial Consultant) designations. Provides ...
Provision in workers compensation insurance under which an employee who incurs an injury in another state, and elects to come under the law of his home state, will retain coverage under the ...
Life and health insurance business for which the prospective insured or insureds have signed the application, completed the medical examination, and paid the required premium. ...
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To place insurance in force on an individual, individuals, or an organization. ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
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Need for an insurance policy to be paid up or to be paid for a minimum number of years before the insured is eligible to receive any benefits. This requirement is typically found in ...
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