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 fundamental forms of insurance agreement: the terms 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. Above is an example of conditions included in auto insurance. The insurer talked about the insured`s obligations in the event of an accident or loss. Therefore, an important difference between whether a property or detention policy meets a right is often who claims the loss and how, not the nature of the injury. In insurance, the insurance policy is a contract (usually a standard form contract) between the insurer and the policyholder, which determines the fees that the insurer must pay legally. In exchange for a first payment, called a premium, the insurer promises to pay for losses caused by watery hazards that fall within the language of insurance.
For example, the “Statements” page of an automobile policy contains the description of the vehicle in question (for example. B builder/model, VIN number), the name of the insured person, the amount of the premium and the deductible (the amount you must pay for a claim before an insurer pays its share of a covered debt). The insured had written separate policies for his office in Surrey and a refrigerated warehouse in Richmond. The office policy included a building, equipment and warehouses, consequential damage, limited commercial yields and damage caused by burglaries to buildings, all up to the limits set in the declarations. The policy of refrigerated warehouses only incubating equipment and warehouses (content) to a limit of just over $1 million. 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.