Insurance Policies Definition Legal
In order to understand insurance law it is useful to understand insurance first.
Insurance policies definition legal. Customers can buy legal expenses insurance as a standalone policy or as an optional add on to other policies. You should have read the small print on your policy insurance policy contract. Insurance is a means of protection from financial loss. Conversely life insurance policies do not allow subrogation.
In exchange for an initial payment known as the premium the insurer promises to pay for loss caused by perils covered under the policy language. Insurance policy written contract or certificate of insurance. Definition of insurance law. 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.
It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. An insurance company can subrogate claims only on certain types of policies. Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur. In insurance the insurance policy is a contract generally a standard form contract between the insurer and the insured known as the policyholder which determines the claims which the insurer is legally required to pay.
Legacy insurance policies means any insurance policy or program not otherwise included in the seller insurance policies under which insurance coverage was is or hereafter may be available to the companies or the companies subsidiaries or any predecessor in interest to the companies or the companies subsidiaries in respect of acts events losses or occurrences in the period prior to. Insurance policies synonyms insurance policies pronunciation insurance policies translation english dictionary definition of insurance policies. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. Conversely life insurance policies do not allow subrogation.
Insurance policies means the insurance policies and coverages required to be maintained by each loan party which is an owner of mortgaged property with respect to the applicable mortgaged property pursuant to section 5 04 and all renewals and extensions thereof. Least expensive alternative treatment leat. Property and liability insurance policies allow subrogation because the basis for the payment of claims is indemnification or reimbursement of the insured for losses.
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