How to read an insurance policy Find out who qualifies as insured. Confirm that all forms and endorsements are included. Read the insurance contract first. Read the exceptions to the exclusions.
When the policy refers to another section, read it immediately. While the statements page provides a useful summary, you probably want to know what your policy covers in more detail. See the insurance agreement section for a statement of the coverage provided and keep in mind that each type of coverage will have its own agreement. If you purchase an auto policy with liability, comprehensive, collision and other coverage, there will be a separate insurance agreement for each coverage.
Always require a certified copy of the policy from the carrier. This certification means that the policy has been drawn up by the carrier and has sworn that it is accurate as of the date of loss. Section 627.4137 of the Florida Statutes requires the airline to provide a copy of the policy if requested. Conditions: The conditions are the requirements that the insured must meet to obtain coverage.
These are sometimes referred to as Conditions applicable to the entire policy or General Conditions. You can also find conditions in each part of the coverage. This is a VERY important section, as failure to comply with these conditions can lead to the denial of an otherwise valid claim. The conditions section may also contain things the carrier must do in the event of a claim.
In this particular policy, 2 separate Terms sections applied because one section applied to the section relating to property coverage and another to the entire policy. Established in 1985, Merlin Law Group is a leading insurance litigation law firm committed to helping policyholders get fair and fair results from their insurance companies. Property insurance law is a highly complex and specialized area of law, and our firm represents policyholders when claims are denied, delayed, or underpaid. The 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.
It also contains the identity of the insurance company along with a list of form numbers and endorsements. Similarly, the statements page of a life insurance policy will include the name of the insured person and the nominal amount of the life insurance policy (for example, it identifies who the insured is, what risks or assets are covered, the limits of the policy and the period of the policy (i.e., the policy documents as well). may contain errors, so don't hesitate to report the items to your insurer or agent. An insurance policy is a legal contract between the insurance company (the insurer) and the person (s), company or insured entity (the insured).
In the insurance agreement, the insurer agrees to do certain things, such as paying losses for covered hazards, providing certain services, or agreeing to defend the insured in a liability lawsuit. The conditions may limit the time to file a lawsuit, require recorded statements from the insured and their representatives, establish the procedure for filing an affidavit as proof of loss, etc. Home insurance, for example, will list the types of hazards covered, while life insurance centers receive a death benefit or nominal amount paid to the beneficiary when the insured dies. However, depending on the number of times I hear “What does my policy cover? Why are they my responsibilities when I make a claim? What are the basic exclusions? — I thought it would be useful to give a very rudimentary overview of how to read a home insurance policy as a homeowner.
It is important that you read any guarantees or additional provisions to understand how your policy has changed and if the policy is still adequate to meet your needs. Reading your policy helps you verify that the policy meets your needs and that you understand your responsibilities and those of the insurance company in the event of a loss. .
