Insurance Contract, Basic Parts of
Insurance Contract, Basic Parts of :
(1) Conditions are provisions inserted in the policy that qualify or place limitation on the insurer's promise to perform; i.e. file a claim. (2) Declarations are statements that provide information about the property to be insured. (3) Deductible is a provision by which a specified amount is deducted from the total loss payment that otherwise would be payable. (4) Endorsements and riders are written provisions that add to, delete, or modify the provisions in the original contract. (5) Exclusions are excluded perils, excluded losses, excluded property. (6) Insuring agreement summarizes the major promises of the insurer. (7) Miscellaneous provisions establish working procedures for carrying out the terms of the contract
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