Policy Declarations

Definition

• A section of an insurance policy contract that identifies who is insured, the address of the insured, the company providing the insurance, what perils and what property is covered, applicable deductibles, the policy period, premium amount and policy limits. Also known as "common policy declarations."

Synonyms
insurance contract declarations, contract declarations, insurance policy declarations

Related Terms and Acronyms

• Addendum — Definition,
  • A change made to a contract.
• Aggregate Limit of Liability — Definition,
  • A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Coverage — Definition,
  • The type or amount of protection afforded by an insurance policy.
• Deductible — Definition,
  • A payment that a policyholder must make before an insurer is required to provide benefits.
• Exclusions — Definition,
  • Situations, as listed in an insurance policy, where insurance companies are allowed to deny coverage to policyholders.
• Exposure — Definition,
  • How much liability an insurer takes on when they write an insurance policy.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Peril — Definition,
  • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
• Period of Indemnity — Definition,
  • The amount of time where insurance benefits are required to be paid by an insurance policy.
• Policy Illustration — Definition,
  • An outline of how a policy will perform under various conditions over a period of time.
• Premium — Definition,
  • A payment made to an insurance company for insurance coverage.
• Rider — Definition,
  • Additional insurance coverage that can added onto another insurance policy.
• Validation Period — Definition,
  • The amount of time needed before an insurance policy turns a profit for an insurance company.