If the peril is not listed, it is not covered. This form of agreement insures perils specifically listed in the policy. There are two basic forms of an insuring agreement: Named Perils Coverage Specifically, it will describe the type of risks insured against and the person, property or subject matter covered under the policy. This section, often called the insuring agreement, lays out the promises of the insurance company to indemnify the insured against certain risks of loss. This section can be very important for avoiding ambiguities in the agreement. Most insurance contracts contain a defined terms section that provides the common understanding of certain terms or phrases used throughout the insurance agreement. It will generally state the intentions of the parties with regard to the subject-matter of the insurance, the term of the policy, the risks covered by the policy, the limits on payment in the event an insured risk occurs, and the financial obligations of the insured (premiums, deductibles, co-payments, etc.). The declarations section of an insurance contract identifies the parties to the contract and dictates that the following provisions constitute an insurance contract.
The general structure of an insurance contract is as follows: Declarations What is the structure of an insurance contract?
0 kommentar(er)
