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
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
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Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
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Coverage in the event of threats to injure an insured or damage or destroy his property. ...
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