Topic 7 - 7 Insurance Policy Provisions BUS200 I...

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7. Insurance Policy Provisions BUS 200  Introduction to Risk Management and Insurance Spring 2008 Jin Park
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Overview Basic Parts of an Insurance Contract Who is an “insured”? Deductibles Coinsurance Other Insurance Provisions
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Basic Parts of an Insurance Contract Declaration Definitions Insuring Agreement Exclusions and Limitations Conditions Miscellaneous Provisions Endorsements and Riders
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Declarations Insurer and producer Policy number Insured  Period of Coverage (Policy period) Premiums for each coverage part and total premium Amount of Insurance (or Limit of Insurance) Life Policies Health Policies Property Policies Liability Policies Deductible Health Policies Property/Liability Policies Coinsurance
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Definitions To define clearly the meaning of key words or phrases so that  coverage under the policy can be determined more easily What about terms and phrases that are not defined in the policy?
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Insuring Agreement A general statement of the promises the insurer makes to the insured.  We will pay… The company agrees to pay… The most we will pay… We will not pay… Variation in Insuring Agreement …will pay the proceeds to the beneficiary promptly when we have proof that the insured 
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Topic 7 - 7 Insurance Policy Provisions BUS200 I...

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