What is policy liberalization?
liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital.
What is the purpose of the liberalization clause in an insurance policy?
A liberalization clause is an insurance policy provision that allows for adjustments to be made to existing coverage in order to comply with changes to relevant laws and regulations.
Is liberalization a condition found in an insurance policy?
Every insurance policy has a provision, known as a liberalization provision, declaring whether enhancements to a new version of the policy will apply to claims made under the current policy. CNA's professional liability coverage is subject to approval in 53 jurisdictions across the US.
What is the insuring clause in insurance?
One is the insuring clause, in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person's property.