Claims Adjuster Academy Chapter 3 Demo

exclusions, and definitions.

AS A COMPETENT ADJUSTER, YOU MUST BE ABLE TO INTERPRET POLICY. THIS MEANS YOU MUST BE ABLE TO COMPREHEND AND RETAIN WHAT YOU READ.

3.4 COMMON POLICY PROVISIONS

Named Insured The person, persons or business actually named as the named insured in the policy declarations. Insured Anyone who may be covered by the insurance. Policy Period Every policy has a policy period which is entered in the declarations. Since coverage applies only to loss or damage that occurs during the policy period, it is important to specifically define the coverage period. Policy Territory Usually the United States, Canada and Puerto Rico. Cancellation and Non-renewal Generally, a named insured can have a policy cancelled at any time by giving written notice to the insurer. For mono-line property insurance policies, including homeowner’s insurance, an insurer must give at least 14 days’ notice of cancellation for nonpayment of premium, and at least 30 days’ notice of cancellation for any other reason. For commercial package policies, the insurer is only required to give 10 days’ notice of cancellation for any reason, and it is also required to give at least 60 days’ notice of non-renewal. For personal auto policies, an insurer must give the named insured at least 10 days’ notice of cancellation, and at least 30 days’ notice of non-renewal. Deductible The amount of a loss which the insured must absorb before the insurer begins to pay the additional loss. Pro Rata