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Insurance Policy Cancellations: What You Need to Know
Insurance Coverage Cancellations Cancellation of an insurance policy typically occurs when the policy holder fails to uphold their end of the contract or a breach of contract has been discovered. The most common reasons for a policy cancellation are failure to pay a scheduled premium or fraud and misrepresentation. Insurance regulators in many states limit the ability of an insurance carrier to cancel a policy or discontinue coverage on an issued insurance policy. Cancellation provisions included in a contract are also, often, limited by State regulators. Policy Terms and Policy Renewals Property and liability policies are issued for a policy term or a specified period of time. Cancellation provisions for a given policy only apply during the policy term. Insurance carriers decide, near the term end, whether to discontinue or renew the … Read entire article »
Filed under: Featured, home insurance, insurance regulations
What You Need to Know About Home Insurance
Contracts and Insurable Interests When you enter into an insurance policy you are entering into a legally binding contract. Policyholders or “the insured” makes specified payments to the insurance company or “the insurer” on a regular basis. These contractual arrangements, between an insurance carrier and the insured, compensate a person or party for damages or losses to a specified insurable interest. Payment arrangements for insurance policies can be arranged on a monthly, quarterly, annually or other schedule as determined by the contractual arrangement. Loss coverage and specific terms, conditions, exceptions and exclusion, as well as the definitions for terms and usage in the policy are all specified in the policy jacket, or contract. Items or situations not covered in an insurance policy are known as exclusions; exceptions are also commonly used … Read entire article »
Filed under: home insurance, liability insurance, property damage, Uncategorized