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
Provision in the extended coverage endorsement stating that smoke damage is covered when it results from the sudden, unusual, and faulty operation of an on-premises cooking or heating unit, ...
Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
Means of selling and servicing property and casualty insurance through agents who represent different companies. The agents own the records of the policies they sell. ...
Loss of a key person due to death, disability, sickness, resignation, incarceration, or retirement. Because of the expertise of such an individual, there could be a loss of income, market ...
Coverage for items of property being delivered to a customer. The means of transportation covered include such common carriers as aircraft, railroads, trucks, express carrier, and other ...
Latin for "Let the superior reply." That is, an employer is liable for the torts of employees that result from their employment. For example, an insurance company (the master) acts through ...
Income supplement program under Social Security to provide a minimum monthly income to aged, blind, and disabled persons. The SSI payments, which were introduced in January 1974, make up ...
Coverage for a shipper (owner/sender) for property damage or loss of goods in transit through the post office. A trip transit insurance policy specifically excludes coverages on property ...
Insurance coverage that protects a contractor or other type of business providing a service for expenses incurred in the event a contract is not ratified by a foreign government. For ...
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