Understanding Your Insurance Policy

Contact Us

Understanding Your Insurance Policy

We understand that you might not be interested in reading the fine print of your insurance policy. But since an insurance policy is a legal contract between the insured—you or the entity being insured—and the insurer, it’s important for you to understand policy basics. Reading your policy helps you verify that the policy meets your needs and that you understand all parties’ responsibilities if a loss occurs. Learn more about each part of your policy in this easy-to-understand overview of insurance policy basics.

 

Declarations Page

The declarations page is usually the first part of an insurance policy. It identifies who is an insured, what risks or property are covered, the policy limits, and the policy period (e.g., time the policy is in force).

For example, the declarations page of an automobile insurance policy will include the description of the vehicle covered (e.g., make and model, VIN number), the name of the person covered, the premium amount, and the deductible—the amount you will have to pay for a claim before an insurer pays its portion of a covered claim.

Similarly, the declarations page of a life insurance policy will include the name of the person insured and the face amount of the life insurance policy (e.g., $25,000, $50,000).

 

Insuring Agreements

The insuring agreement summarizes the major promises of the insurance company and states what is covered. In the insuring agreement, the insurer agrees to do certain things, such as paying losses for covered perils, providing certain services or agreeing to defend the insured in a liability lawsuit. There are two basic forms of an insuring agreement:

  • Named-perils coverage, under which only those perils specifically listed in the policy are covered. If the peril is not listed, it is not covered.
  • All-risk coverage, under which all losses are covered except those losses specifically excluded. If the loss is not excluded, then it is covered. Life insurance policies are typically all-risk policies.

 

Exclusions

The next section you’ll typically encounter will name exclusions. Exclusions take coverage away from the insuring agreement. There are three major types of exclusions:

 

  • Excluded perils or causes of loss
  • Excluded losses
  • Excluded property

 

Typical examples of excluded perils under a homeowners insurance policy are flood, earthquake and nuclear radiation. A typical example of an excluded loss under an automobile insurance policy is damage due to wear and tear. Examples of excluded property under a homeowners insurance policy are personal property such as an automobile, a pet or an airplane.

 

Conditions

The conditions are provisions inserted in the policy that qualify or place limitations on the insurer’s promise to pay or perform. If the policy conditions are not met, the insurer can deny the claim. Common conditions in a policy include the requirement to file a proof of loss with the company, to protect property after a loss and to cooperate during the company’s investigation or defense of a liability lawsuit.

 

Definitions

Most policies have a “definitions” section, which defines specific terms used in the policy. It may be a standalone section or part of another section. In order to understand the terms used in the policy, it is important to read this section

 

Endorsements and Riders

An insurer may change the language or coverage of a policy at the time of the policy renewal. Endorsements and riders are written provisions that add to, delete or modify the provisions in the original insurance contract. In most states, the insurer is required to send you a copy of the changes to your policy. It is important that you read all endorsements or riders so you understand how your policy has changed and if the policy is still adequate to meet your needs.

 

Source: The National Association of Insurance Commissioners. Reprinted with permission.

Share this post?

mfldinsureadmin

Leave a Reply

APi

Agen Bandar Togel Online-Judi Slot Online Hoki 100%

Situs Toto Togel Tersedia Togel Online Resmi Hingga Idn Slot Terpercaya

Toto Online Macau Jackpot 10 Juta Bandar Togel 4D Terpercaya

Toto Macau Daftar Bandar Togel Online Hadiah Jackpot 4D 10 Juta Terlengkap

Bandar Togel Online Hadiah 10 Juta Rupiah Coloktoto Agen Toto 4D Terpercaya

LAETOTO Daftar Togel Online Dengan Pasang Togel Deposit Pulsa

LAETOTO Situs Slot Gacor dan Togel Online 4D Terpercaya

bandar togel terpercaya

daftar toto togel online terbaik bet 100 perak

bandar togel terpercaya

Daftar Situs Togel Online Terpercaya Hadiah Togel 4D 20 Juta

situs togel online terpercaya hadiah togel 4d 20 juta

daftar judi togel online via dana terpercaya

situs toto togel online resmi terpercaya

situs bo togel toto slot 4d bandar togel bet 100 perak

toto togel lengkap bandar judi togel online dan slot gacor 4d

togel online terpercaya

bandar togel online

Agen Togel Terpercaya Terlengkap Hadiah 4D 10 Juta

Bandar Togel 4d Pasaran Judi Togel Toto Terlengkap

Agen Togel Bet 100 Perak Hadiah Togel 4D Terbesar

bo togel terpercaya

Bandar Judi Togel Online 4D Hadiah 10 Juta

toto togel

togel4d

laetoto.live

Togel Deposit Pulsa

situs togel 6d

sihokitoto.vip

Situs Slot Gacor dan Togel Online 4D Terpercaya

Daftar Togel Online Dengan Pasang Togel Deposit Pulsa

Situs Toto Togel Agen Slot88 Gacor 4D Deposit Pulsa Murah

Situs Togel 4D Hadiah 10 Juta Situs Bandar Togel Online Terpercaya Daftar Situs Togel Online Deposit 10Rb

Daftar Togel Online Terpercaya Dan Terbaik Nomer 1 Tahun 2022

Bandar Togel Online Bet 100 Perak Situs Togel Terpercaya Deposit 10Rb Togel Online Terpercaya Hadiah 4D 10 Juta

GADUNTOTO DAFTAR SITUS BANDAR TOGEL SLOT ONLINE TOTO MACAU TERPERCAYA

Situs Judi Togel 4D Agen Slot888 Gacor Terlengkap Hadiah Togel Online 4D 10 Juta Terpercaya

www.standcanada.org/situs-togel-terpercaya/togel-4d

Toto Macau > Daftar Bandar Togel Online Hadiah Jackpot 4D 10 Juta Terlengkap

Bandar Togel Online Hadiah 10 Juta Rupiah Dan Agen Toto 4D Terpercaya

Situs Togel Online Terpercaya & Slot Gacor

Bandar Togel 4D Pasaran Judi Toto Terlengkap Dan Terbesar

Daftar Situs Togel Online Terbaik Dan Bandar Toto 4D Deposit Via Pulsa

Bandar Togel Online Jackpot 4D Terbesar Dari Situs Toto Macau

Toto Online Macau Jackpot 10 Juta > Bandar Togel 4D Terpercaya

https://rebrand.ly/author-yunitafadila-f9fcae https://rebrand.ly/yunitafadila-52bbdf https://rebrand.ly/member-yunitafadila-be9307 https://rebrand.ly/46486f https://www.qureta.com/post/togel-online https://rebrand.ly/yunitafadila-author-92d945 https://rebrand.ly/44b1d0 https://rebrand.ly/yunitafadila-56bccc https://rebrand.ly/yunitafadila-author-9b1a1c https://rebrand.ly/tuanmuda-762f33 https://rebrand.ly/userprofile-tabid-3f7928 https://rebrand.ly/yunitafadila-8afde7 https://rebrand.ly/4a8239 https://rebrand.ly/yunitafadila-b281bc https://rebrand.ly/forums-users-05185d https://rebrand.ly/profile-yunitafadila-9e4190 https://rebrand.ly/3b72cc https://rebrand.ly/profile-yunitafadila-b75b22 https://rebrand.ly/e1c805 https://rebrand.ly/profile-yunitafadila-884d89 https://rebrand.ly/profile-yunitafadila-0d80eb https://rebrand.ly/kysa-be1b03 https://rebrand.ly/profile-yunitafadila-19111a https://rebrand.ly/profile-yunitafadila-9b538e https://rebrand.ly/userprofile-tabid-c190f4 https://rebrand.ly/profile-4447a5 https://rebrand.ly/yunitafadila-4d61bd https://rebrand.ly/2678e1 https://rebrand.ly/003cba https://rebrand.ly/yunita-fadila-e1bddb https://rebrand.ly/profile-1788dc https://rebrand.ly/collectivity-d71964 https://rebrand.ly/yunitafadila-d4062f https://rebrand.ly/yunitafadila-3cd155 https://rebrand.ly/account-profile-651fb3 https://rebrand.ly/36b57e https://rebrand.ly/profile-65f410 https://rebrand.ly/userprofile-tabid-023797 https://rebrand.ly/userprofile-tabid-f74c4a https://rebrand.ly/d566d4 https://rebrand.ly/userprofile-tabid-dc00bf https://rebrand.ly/yunitafadila-7d9077 https://rebrand.ly/yunitafadila-51638e https://rebrand.ly/yunitafadila-author-19db32 https://rebrand.ly/yunitafadila-29c8ca https://rebrand.ly/yunitafadila-author-e66766 https://rebrand.ly/english-8e18fd https://rebrand.ly/yunitafadila-78e015 https://rebrand.ly/captcha-check-15eeaf https://rebrand.ly/yunitafadila-0e9bbd https://rebrand.ly/activity-feed-c17e9b https://rebrand.ly/cyber-security-0730b6 https://rebrand.ly/yunitafadila-author-b7047d https://rebrand.ly/profiles-yunitafadila-cc8dba https://rebrand.ly/yunita-fadila-cbcca0 https://rebrand.ly/author-yunitafadila-f9d763 https://rebrand.ly/support-forums-3674f3 https://rebrand.ly/fadila-e58948 https://rebrand.ly/yunitafadila-cd43ad https://rebrand.ly/forums-users-bc1313 https://rebrand.ly/yunitafadila-bolognafc-9df18d https://rebrand.ly/ancient-origins-7457ea https://rebrand.ly/yunitafadila-c48580 https://rebrand.ly/forum-users-f72bec https://rebrand.ly/author-yunitafadila-0cb114 https://rebrand.ly/military-scale-de2c93 https://rebrand.ly/rel-dofollow-6cc8de https://rebrand.ly/099c57 https://rebrand.ly/togel-toto-e202dd https://rebrand.ly/forum-index-e7293a https://rebrand.ly/pliki-ytkownika-db5e2f https://rebrand.ly/yunitafadila-5491c8 https://rebrand.ly/7e4290 https://rebrand.ly/yunitafadila-57b86e https://rebrand.ly/perfil-2d5ca0 https://rebrand.ly/profile-yunitafadila-c9e413 https://rebrand.ly/profile-yunitafadila-42cb4a https://rebrand.ly/forum-profile-a3b42b https://rebrand.ly/profile-yunitafadila-4ba322 https://rebrand.ly/profilo-606c11 https://rebrand.ly/profile-yunitafadila-478f83 https://rebrand.ly/yunitafadila-45764a https://rebrand.ly/profile-yunitafadila-8af74c