Insurance Terminology Endorsement Definition
An endorsement can add remove or change the coverage in the policy.
Insurance terminology endorsement definition. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in the mid 1970s. Endorsement a statement added to an insurance policy that alters deletes or adds coverage terms or provisions of the policy. Deductible the amount of loss paid by the policyholder. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage.
Insurance policy endorsements may serve any number of functions including broadening the scope of coverage limiting. Endorsement definition endorsement an insurance policy form that either changes or adds to the provisions included in one or more other forms used to construct the policy such as the declarations page or the coverage form. Insurance endorsements can be standard which means they are published by an industry advisory organization or non standard which means they are developed by insurers. An insurance endorsement is an amendment to a property and casualty insurance policy.
The chance of suffering a loss. There are many insurance terms words and phrases you should know. Endorsements may also be referred to as riders. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies.
Automobile insurance plan a state sponsored plan that provides automobile insurance to those who are uninsurable under standard auto insurance policies. Automatic increase in insurance endorsement dwelling policy endorsement that provides an annual increase in the coverage a amount of 4 6 or 8. Insurance holding company system consists of two or more affiliated persons one or more of which is an insurer. Declaration part of a property or liability insurance policy that states the name and address of policyholder property insured its location and description the policy period premiums and supplemental information.
Referred to as the ìdec page î. An insurance endorsement is an amendment or addition to an existing insurance contract which changes the terms or scope of the original policy. An insurance endorsement may be issued mid term at the time of. Use this glossary of insurance definitions to better understand what each term means.
Damaged property which is taken over by the insurance company after payment of a claim.
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