Property And Casualty Insurance Provisions
Definition of "Property and casualty insurance provisions"
Specifications dealing with exclusions, policy requirements, cancellations and related matters.
- Perils Most policies exclude enemy attack, invasions, insurrection, rebellion, revolution, civil war, usurped power, neglect of an insured to reasonably preserve damaged property from further loss, and explosion or riot unless caused by fire. Other exclusions may be specified in a policy. Among them are concealment and fraud by the insured; increased hazard by an insured's actions; and vacancy in an insured building for at least 60 consecutive days.
- Requirements In the event of a loss the insured must give immediate written notice to the insurance company; protect the insured property from further damage; separate damaged from undamaged property; give the company a complete inventory of the damaged or destroyed property, with signed proof of loss within 60 days; and submit to the company's examination of damaged or destroyed property.
- OTHER INSURANCE If two or more separate policies over the same loss, each will pay no more than its pro rata share of the loss.
- SUBROGATION After the company pays the insured for a loss incurred as the result of actions of a third party, the company reserves the right to seek recovery for damages against that third party. (The insured has passed the right of suit against the third party to the insurance company.)
- Cancellation The insured and the insurance company can terminate the policy under specified circumstances. The insured can terminate the policy at any time, and will receive a return of part of the premium, less an amount for administrative expenses. The insurance company can cancel a property policy by sending the insured written notice at least 5 days before the intended date of cancellation. For a liability policy, after the policy has been renewed the first time, or has been in force for at least 60 days, the insurance company can cancel only for causes such as failure of an insured to pay a premium when due, if an insured is involved in illegal activities,drives while intoxicated, or is under the influence of drugs.
Popular Insurance Terms
Maximum amount of insurance coverage that an insurance company will underwrite in a particular geographic area. ...
Frequency and severity of accidents resulting from conditions and environment surrounding one's workplace. Occupation is an important underwriting factor when considering an applicant for ...
Coverage that guarantees that the executor or administrator of an estate will conduct his or her duties according to the provisions of the will and the legal requirements of the ...
Ending a pension plan at the election of an employer or sponsor. The employer has the unilateral right to change or terminate a pension plan at any time. However, the termination must meet ...
Company formed and operated without the profit motive as its normal business objective; normally sells and services health insurance policies. ...
Financial instruments whose principal and income are established in advance according to contractual terms set forth in the financial instrument's document. Examples of such investments ...
Cost computation form that assumes retirement and commencement of annuity payments on the first day of the month nearest the birthday when a retiree reaches normal retirement age. Most ...
Dividend paid to policy-holder according to the time period in which the policy was sold and the investment return the insurance company made on that policy during that time period. ...
Attachment to a commercial package policy to cover counterfeit currency, depositor's forgery, employee dishonesty, and the loss of money, money orders, and securities by the insured ...
Have a question or comment?
We're here to help.