How to Read and Understand an Insurance Policy
- Sections of an Insurance Policy:
- Declarations Page: Overview of the policyholder, coverage, premiums, and effective dates.
- Insuring Agreement: What the insurer promises to cover.
- Exclusions and Conditions: What’s not covered and the conditions for claims.
- Endorsements/Riders: Modifications to standard policy terms (e.g., adding additional coverage).
- Policy Language: Understanding legal and technical language in policies, such as definitions, limits, and exclusions.
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