New York Standard Fire Policy
Contract first written in 1918 that provided the basis for modern-day property insurance, both personal and commercial. Forms and endorsements must be added to complete the policy and tailor it to cover the particular insured property. This policy is also known as the "165 Line" policy, for the number of lines in its text that covers concealment or misrepresentation (false pretense), property and perils excluded; other insurance; cancellation due to increase in hazards; obligations to a mortgagee: pro rat a contribution of a company; requirements of an insured in case of loss; conditions when a company must pay a loss incurred by an insured; and subrogation. The New York Standard Fire Policy has become largely obsolete since 1980, but its provisions have been incorporated into many other property insurance policies.
Popular Insurance Terms
Addition to a life insurance policy stating that when an insured becomes disabled for at least six months, premiums due are waived. Depending on the rider, the insured may begin to receive ...
Commitment that a lending institution makes to offer a loan at a stipulated interest rate at a predetermined future time, usually limited to 90 days. ...
Life insurance in which the debit system is used to collect premiums on a monthly basis. ...
Provision in a marine insurance policy in which agreement has been reached between the insured and the insurance company concerning the worth of the property that is to be covered under the ...
Coverage for small groups that cannot meet the underwriting standards of true group insurance. Even though the franchise insurance covers an entire group, individual policies are written on ...
Policy that pays a dividend to its owner. ...
Health insurance coverage only for a specified catastrophic disease such as cancer. It is important to ascertain the waiting period required, maximum benefits and maximum length of time ...
cost of annuity based on expectation of life of the annuitant and the expense and profit loadings of the insurance company. ...
Methods of handling policyholder dividends. In a participating life insurance policy, dividends are paid to the policy owner according to which of the following options is selected: applied ...
Have a question or comment?
We're here to help.