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
Insurance policy that combines the elements of a deferred annuity with the elements of DECREASING TERM LIFE INSURANCE. This policy was originally designed to act as a funding instrument for ...
Coverage for persons whose medical history includes serious illness such as heart disease or whose physical condition is such that they are rated below standard. A policy may specifically ...
Coverage that provides monthly income payments for as long as an insured remains disabled. The insurance policy defines the nature of the disability it covers. Most policies discontinue ...
Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
Same as term Claims Made Basis: method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company. ...
Coverage for damage or destruction of property with relatively high monetary value, such as stock brokerage house and bank shipments, which involve the transfer of securities and monies to ...
Bond guaranteeing that a contractor will perform under the contract in accordance with all specifications of the bid submitted. ...
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