Which part of a property insurance policy describes the perils?
Understand the Problem
The question is asking about the specific section of a property insurance policy that outlines the risks or events (perils) that are covered by the policy. This is typically found in the policy documents and is crucial for understanding the extent of coverage provided.
Answer
Insuring Agreement
The portion of a property insurance policy that describes the perils is the 'Insuring Agreement'.
Answer for screen readers
The portion of a property insurance policy that describes the perils is the 'Insuring Agreement'.
More Information
The Insuring Agreement section typically details the covered perils, the property and persons covered, the locations, and the period of coverage.
Tips
A common mistake is confusing the Insuring Agreement with the Exclusions section, which describes what perils or losses are not covered.
Sources
- Insurance - Commercial Insurance - insurance.ca.gov
- Understanding Your Insurance Policy | Department of Insurance, SC - doi.sc.gov
- Parts of an Insurance Policy - FindLaw - findlaw.com
