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Insurance Policy Structure 

Sections of a Policy Most insurance policies have a common structure. For property and casualty policies there are standard forms that most insurance companies use that have been approved for use in most states. These are updated and changed periodically as the risks change over time. The group that puts these standard policies together is called the lInsurance Services office (ISO). 

Most policies have the folowing sections that use language that has been tested for meaning over time by the court system. We will discuss what each section indudes. • Deciarations Insuring Agreement Definitions Conditions Exclusions Endorsements Declarations. 

That portion of the insurance contract in which is stated such information as the name and address of the insured, the property insured, its location and description, the policy period, the amount of insurance ooverage, applicable premiums, and supplemental representations by the insured. Insuring Agreement (or Clause). 

That portion of an insurance contract which states the peris insured against, the persons and/or property covered, their locations, and the period o contract. Additional (or Supplementary) Coverage. 

That portion of the policy adding coverages to the major coverages defined in the insuring agreement, or adding back coverages at lower lablity limits that have been specifically excluded. Definitions. 

That portion of an insurance contract where important term used in the contract are defined. Conditions. These are provisions of an insurance policy which state either the rights and duties of the insured or the rights and duties of the insurer. 

Typicali conditions have to de with such things as the insured's duties in the event of loss, cancellation provisions, and the right of the insurer to inspect the property. Exclusions. Contractual provisions that deny coverage for certain peris, persons, property, or locations. Endorsements. 

A form attached to the policy which alters provisions of the contract to make it better fit the needs of the insured or the insurer for that particular risk.

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