Unoccupancy
Definition of "Unoccupancy"
Absence of people for at least 60 consecutive days from a given property. Many property insurance policies suspend coverage after a structure has been unoccupied for 60 consecutive days because the probability of loss increases dramatically from such perils as vandalism and malicious mischief. Premiums for these policies were based on statements of an insured that the structure would be occupied. Unoccupancy results in an increase in hazards within the control of an insured, which gives the insurance company the right to suspend the policy.
Popular Insurance Terms
Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, ...
Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the ...
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 ...
Sum total of all assets owned by the decedent to include personal property, real property, and trust property. ...
Same as term Bankers Blanket Bond: coverage for a bank in the event of loss due to dishonest acts of its employees or individuals external to the bank. For example, if a teller goes to ...
Compensation to an agent in the same absolute dollar amount, regardless of the type of insurance policy sold. Contrast with graded commission. ...
Widely accepted standard policy forms that have been developed by various rating bureaus or insurance companies. Some forms are required by state law, and some are used by custom. In some ...
Coverage for extra expenses associated with the reconstruction of a damaged or destroyed building where zoning requirements mandate more costly construction material. This endorsement is ...
Care in a sanitarium, nursing home, or other facility designed to provide custodial care on behalf of the mental and physical well-being of the patient. The cost may or may not be provided ...
Have a question or comment?
We're here to help.