Title : The Structure of an Insurance Policy--The Conditions (Part 6 of 8)
Link : The Structure of an Insurance Policy--The Conditions (Part 6 of 8)
The Structure of an Insurance Policy--The Conditions (Part 6 of 8)
The Conditions
So far in these policy-structure posts, I’ve referenced Twilight and quoted Lee Corso—I’m impressed you’re still reading. The next section is the Conditions Section of the policies, which details the policyholder’s obligations. Failing to satisfy these conditions is another way a policyholder can lose coverage under the policy. This section requires things such as providing the insurance company notice of a claim. This notice requirement is probably the most important part of the Conditions section. This section also requires that you pay the insurance premiums. Yes, it seems obvious, but it’s in there.
Depending on the type of policy, the Conditions may require you not to incur any costs associated your claim without getting the insurance company’s permission (think don’t settle a case without checking with your insurer). It may require you to provide a “proof of loss” (a detailed list of all your damaged property). It may require you to sit for an examination under oath, which is a recorded question and answer session where you have answer truthfully.
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