What is the insuring clause in a life insurance policy?
The Insuring Agreement\n\n This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.
What are insurance clauses?
Clauses are sections of the insurance policy. They define the insurer's responsibilities to the policyholder, circumstances under which claims will and maybe won't be paid out, as well as the policyholder's responsibilities. Sometimes called exclusions, these are designed to help the customer and the company.
Where is the insuring clause found?
The insuring clause usually is located on the policy face page, and also defines who the parties to the contract are, the premium to be paid, how long coverage is in force, and the amount of the death benefit.
What is not included in the insuring clause?
For example, most insuring clauses exclude coverage for issues that were known at the time the contract was agreed upon. There may also be exclusions when the policy holder has another policy that entitles them to indemnity.
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