Insurance Policy Wording Definition
It 1 puts an indemnity cover into effect 2 serves as a legal evidence of the insurance agreement 3 sets out the exact terms on which the indemnity cover has been provided and 4 states associated information such as the a specific risks and.
Insurance policy wording definition. Generally policy wording is considered ambiguous if it has two or more reasonable interpretations. Will explain the coverage of your insurance policy what it includes and does not include and any special conditions. Policy wordings below are links to our policy wordings pw and insurance product information documents ipid which outline the cover available for each alpha product.
For example suppose a policyholder owns a building that is insured under a commercial property policy. Covercloud gadget insurance policy wording page 4 of 9 e. Table of contents.
Unauthorised call data use if your mobile phone is accidentally lost or stolen and is used fraudulently and you selected the option to pay an additional premium to insure your gadget against theft and or accidental loss if your claim is covered by your policy we will reimburse you for the costs upon. Formal contract document issued by an insurance company to an insured. Insurance is a means of protection from financial loss.
Meaning pronunciation translations and examples. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder.
If you require a policy wording which was issued before the 1st may 2015 you can request a copy by contacting our claims team and quoting your policy number. A written agreement for insurance between an insurance company and a person who wants insurance. 3 important information please take time to read the full policy document to make sure you understand the cover provided.
Policy wording is the terms and conditions and definitions of insurance coverage as they. In return for the payment of your premium we will provide the insurance cover detailed in your policy schedule and this policy document subject to the terms conditions and limitations.
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