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What is an Insuring Agreement?

An insuring agreement is the part of an insurance contract in which the insurance company explains exactly which risks it will give insurance coverage for in exchange for premium payments at a certain amount and interval. The insuring agreement also generally lists the exclusions for insurance coverage so that the policyholder knows the specific extent of their coverage. Go through with this PPT and know more about insurance agreement.

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What is an Insuring Agreement?

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  1. What Is An Insuring What Is An Insuring Agreement? Agreement?

  2. An insuring agreement is the part of an insurance contract in which the insurance company explains exactly which risks it will give insurance coverage for in exchange for premium payments at a certain amount and interval. The insuring agreement also generally lists the exclusions for insurance coverage so that the policyholder knows the specific extent of their coverage. Insuring agreements are necessary in case a conflict arises over whether or not a specific loss is covered. 2

  3. Declaration – is a term applied to underwrite information identifying the insurer and insured, subject matter, premium or how the premium will be determined, policy limits, policy term, and a list of forms that make up the body of the contract. In some policies, the perils will be listed in the declaration, but in most policies, other than the standard fire policy, the perils are listed in the body of the contract. 3

  4. Insuring Agreement – states what it is that the insurer agrees to cover under the terms of the contract. It will refer to the subject matter of the insurance. In the standard fire policy, the declaration and the insuring agreement will appear together on the first page of the contract. 4

  5. “ Exclusions – These provisions in policy will fix the limits on the promises of coverage stated in the insuring agreements. These provisions serve one or more purposes, including elimination for coverage of (1) coverage for losses caused by certain perils, (2) coverage provided by other insurance, (3) coverage of uninsurable losses. 5

  6. “ Conditions – Those provisions in a policy which call for the insured to do something, or not to do something, either before or after a loss has occurred. The insurer’s obligation to pay for losses or to provide services is based on the insured’s obligation to perform certain duties or prevent certain things from happening. One of the duties of the insured, before a loss, is to have been truthful in applying for the insurance coverage. 6

  7. “ Miscellaneous Provisions – Those provisions which, along with the declaration, insuring agreement, exclusions, and conditions complete the insurance policy. These provisions help to establish working procedures for carrying out the terms of an insurance policy. 7

  8. winsurtech.com contact@winsurtech.com 8

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