Analysis of insurance contract final project

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Analysis of insurance contract final project

  1. 1. Analysis of Insurance Contracts the insurance policy is a contract between the insurer and the insuredInsurer Insured Individual Company person
  2. 2. Basic Parts of an Insurance Contract The insuring agreement summarizes the major promises of the insurer The two basic forms of an insuring agreement in property insurance are Named perils policy All-risks” policywhere only those perils where all losses arespecifically named in coveredthe policy are covered
  3. 3. Insurance contracts contain three major types of exclusions Excluded perils e.g., flood, intentional act Excluded losses e.g., a professional liability is excluded in the homeowners policy Excluded property e.g., pets are not covered As personal property in the homeowners policy

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