An insurance policy is a legal contract between the insurance company (the insurer) and the insured, the company or the insured person (insured). When you read your policy, make sure the policy complies with your requirements and understands your responsibilities and responsibilities of the insurance company in the event of a loss. Many policyholders purchase a policy without understanding what is covered, the exclusions that remove insurance coverage and the conditions that must be met for coverage to apply in the event of a loss. SCDOI would like to remind consumers that reading and understanding your entire policy can help you avoid problems and disagreements with your insurance company in the event of a loss. To obtain a copy of your insurance policy, please contact your insurance agent or business. Similarly, the “Declarations” page of a life insurance company contains the names of policyholders and the nominal amount of life insurance (for example. B 25,000 USD, 50,000 USD, etc.). Statement – is a term used to back up information identifying the insurer and insured, the object, premium or how the premium is determined, insurance limits, the duration of the insurance and a list of forms that make up the text of the contract. Some directives list the dangers in the declaration, but in most directives, with the standard fire policy, the hazards are mentioned in the text of the treaty. The statement is normally displayed on the first page of the contract. Above is the first part. Statement part of the purchase of car insurance, which mentions the name of the insured, the car manufacturers and the model, the start and end date of the policy, the amount of insurance, etc.
The insurance contract says what it is for the insurer to cover as part of the contract. It relates to the purpose of the insurance. In the standard fire policy, the declaration and insurance are displayed together on the first page of the contract. In policies that have more than one item, such as auto insurance. B, there is an insurance agreement for each item. It is the insurance contract that is part of a car insurance formed by an insurance contract for damage caused to cars. Car insurance generally has two themes: “liability coverage” and “car damage coverage.” This is a summary of the insurance company`s key promises, and indicates what is covered. In the insurance agreement, the insurer undertakes to do certain things, such as paying losses for guaranteed risks, providing certain services or defending the insured in liability action. There are two basic forms of insurance agreement: there are four fundamental parts of an insurance contract: this page is usually the first part of an insurance policy. It identifies insured persons, risks or assets covered, insurance limits and the insurance period (i.e. the date the policy is in effect).
Conditions – The provisions of a policy that require the insured to do something or to do nothing, either before or after a loss. The insurer`s obligation to pay losses or provide services is based on the insured`s obligation to fulfill certain obligations or to prevent certain things. One of the obligations of the insured before a loss is to have applied for insurance coverage in truth. Concealment or fraud by the insured invalidates the policy. One of the insured`s obligations is, after a loss, to protect the property from further losses. Otherwise, the insurer could be exempt from the obligation to pay the debt.