Policy Wordings Flashcards
(8 cards)
What is included in a Heading?
Insurer name, and in some cases the address and company logo.
What is included in a Recital Clause?
States the basis on which the contract is formed, referring to the two parties
Insured and insurer coming together to form a contract whereby the insured will pay a premium in return for which the insurer will indemnify the insured.
What is a signature?
A pre-printed signature of an official from the insurer.
What is included in the operative clause?
This specify a the detail of what is covered
May be several clauses, each dealing with a different aspect of insurance.
What is included in exclusions?
This is expectations or limitations
General exclusions apply to the entire contract
What is included in the conditions part of a policy?
All policies have certain conditions attached to them
Implied conditions- by common law and do not need to appear in the policy to apply.
Express conditions - these are written into the policy
What is included in a policy schedule?
This is the part where the policy is made personal and specific to the individual insured.
Constrains variable detail of the policy such as the insured name, address, policy period, premium, details of what is insured, the sum insured, limit of liability, territorial limits, policy number, special exclusions, conditions and aspects of concern and operative sections of the policy.
What is included in the information and facilities section of a policy?
Included definitions of words used in a policy document, customer service standards, complains procedures, claims info and privacy regarding to customer info.
