Lecture 6: Property and Liability Insurance Contracts

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6 Terms

1
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Declarations

important facts about coverage provided

ex: name of insured, address, premium

2
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Insuring Agreement

describes the insurer’s and insured’s rights and duties

3
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Deductibles

the first dollars of an insured loss, paid by insured

4
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Exclusions

losses that are not covered

5
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Conditions

describes rights and duties in more detail

6
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Endorsements

amendments or additions that modify standard insurance contracts