Exclusions
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; wear and tear, since they are expected through the use of a product; property covered by other insurance, in order to eliminate duplication that would profit the insured; liability arising out of contracts; and liability arising out of Workers Compensation laws. Exclusions are also listed in a boiler and machinery insurance policy, business automobile policy, business income coverage form, homeowners insurance policy, liability policy, and commercial package policy.
Popular Insurance Terms
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Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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Change in years of service credited to employee in calculating pension benefits and other employee benefits. ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
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