Policy

A liberalization clause is an insurance policy provision that provides additional coverage or benefits to the policyholder without requiring additional premium payments. It is designed to protect policyholders against changes...

Supplementary payments in insurance refer to additional financial provisions made by an insurance company to the policyholder beyond the basic coverage. These payments are typically made to cover certain expenses...

Fixed amount option refers to a type of life insurance that allows the policyholder to choose a fixed amount of coverage at the time of policy purchase. This option allows...

Exposure, in the realm of commercial insurance, refers to the level of risk or vulnerability that a business or individual faces regarding potential losses or damages. It represents the extent...

An “other insurance clause” is a provision in an insurance policy that addresses how coverage will apply if the insured party has multiple insurance policies covering the same type of...

Flat cancellation is a term describing the complete termination of an insurance policy on the effective or renewal date. In other words, the policy is canceled before coverage begins or...

TIV insurance is an acronym that stands for Total Insured Value insurance. The term refers to a type of insurance policy that covers the full value of the insured property,...

A corridor deductible is a type of insurance deductible that is commonly used in health insurance policies but is becoming more popular in property and casualty insurance. The term refers...

Products completed operations, within the realm of insurance, refers to a specific coverage term that may refer to the liability risks associated with products and completed work. It is a...

Intrastate commerce refers to the commercial activities and transactions that take place exclusively within the boundaries of a single state or jurisdiction. It is a term used to describe the...

A renewal policy, a crucial aspect of insurance management, refers to the continuation of an existing insurance policy for a subsequent policy term. The definition of a renewal policy encompasses...

Pro rata cancellation, a term commonly used in the insurance industry, refers to the termination of an insurance policy before its expiration date, where the insurer returns the unearned premium...

Attachment point is a term commonly used in the insurance industry to refer to the threshold at which an insurance policy begins to provide coverage for a loss. The attachment...

Tort is a term used in insurance to refer to a legal concept involving a wrongful act or omission by one party that causes harm or injury to another party....

The incontestable clause in an insurance policy states that the insurance company cannot contest or challenge the policy's validity after it has been in effect for a certain period. It...

Consequential loss may refer to economic loss caused by damage to property or other losses suffered due to a breach of contract. Consequential loss is typically defined as "losses which...

The entire contract clause, also known as an "entire agreement clause," is a type of clause found in many contracts and legal documents. It is a provision that states that...

Guaranteed renewable is a term that may refer to an insurance policy that guarantees the policyholder the right to renew their policy for a given period. This type of policy...

Unearned premium may refer to an insurance term that describes the portion of a policyholder's premium paid in advance for coverage that has not yet been used. When a policyholder...

Gross written premium is a term that may refer to the total amount of premiums collected by an insurance company during a given period before any discounts or refunds are...

Earned premium is a technical term used in the insurance industry that may refer to the portion of a premium that an insurance company has earned. It is the amount...

Aggregate limit of liability is a term used in the insurance industry that may refer to a policy provision that limits the total amount an insurance company must pay during...

Insurable interest may refer to a legal concept that defines the relationship between an individual and the property they are insuring. It is the legal right of an individual to...

A commercial insurance endorsement is known as a rider or clause and enables companies to change while offering protection. It’s an attached document that becomes part of an insurance policy,...

The general aggregate limit may refer to an insurance limit, the maximum amount of coverage an insurance provider will pay in the event of multiple claims during a policy period....