Policy Structure & ProvisionsCâu 455 / 474
The part of a policy in which the insurer states what it promises to pay for is the:
a.Exclusions section
b.Insuring agreement
c.Definitions section
d.Conditions section
Giải thích
The insuring agreement is the insurer's promise, the broad statement of what perils, property or liability the policy covers in exchange for the premium. Exclusions then carve losses back out of that promise, conditions set the duties of both parties, and definitions fix the meaning of the terms the policy places in quotation marks. Reading the promise first and the exclusions second is how a coverage question is answered.
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Câu hỏi liên quan cùng chủ đề
- The portion of an insurance policy that lists the named insured, the covered property, the policy period, and the limits of coverage is the:
- A binder issued by a producer serves to:
- The insured's duties after a loss, the appraisal clause and the cancellation clause are all found among the policy's:
- The main reason a homeowners form excludes flood is that a flood loss:
- A producer with binding authority binds coverage by phone at 9 a.m.; the house burns at noon, before the insurer ever sees the application. The loss is:
- Under the liberalization clause, when an insurer broadens its form without charging more, an existing insured:
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