In an insurance contract, the specified premium and agreement to the provisions and stipulations that follow. Covers dwellings that are not owner occupied, have up to five rooms for boarders, and are ineligible for a homeowners' policy. It usually adds coverage and an additional premium may be charged. Restrictions of the coverage provided by an insurance policy. Laws establishing minimum standards for insurers in handling loss claims.
Insurer agrees to pay for replacing property without policy limit.
Used in homeowners' program. The part of an insurance contract that states what the insurer agrees to do and the conditions under which it so agrees. This act allows insurance companies to work together to collect loss and expense data and gives insurers limited antitrust protection. A clause in insurance contracts that gives first right of recovery to the mortgagor of property that is covered. An individual in whose name the insurance contract is issued and who is specifically identified as the person being covered.