7 Questions
What are the three major types of Exclusions mentioned in the text?
Excluded perils or causes of loss, Excluded losses, Excluded property
What are typical examples of excluded perils under a homeowners policy?
Flood, earthquake, and nuclear radiation
What do Endorsements and Riders do in an insurance policy?
Add to, delete, or modify the provisions in the original insurance contract
What does the declarations page of an insurance policy typically identify?
The insured, covered risks or property, policy limits, and policy period
In the insuring agreement of an insurance policy, what does the insurer agree to do?
Pay losses for covered perils, provide certain services, or defend the insured in a liability lawsuit
What are the two basic forms of an insuring agreement in an insurance policy?
Named–perils coverage and All–risk coverage
What do conditions in an insurance policy do?
Qualify or place limitations on the insurer’s promise to pay or perform
Test your knowledge of insurance policy structure with this quiz on DICE - Declarations, Insuring Agreement, Conditions, and Exclusions. See how well you understand the different parts of an insurance policy and their importance in determining coverage and policy limits.
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