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Similar to HO-3 or HO-5 policies, DIC insurance can be a named peril or all-risk policy. Homeowners usually look for coverage for at least one of the following perils:
A standard homeowners insurance policy lists the following 16 events as named policy perils: Fire or lightning. Vandalism or malicious mischief. Theft. Riots. Smoke and ash. Volcanic eruptions ...
HO-5 policies: These are the most robust homeowners insurance policies available and cover open perils for both your dwelling and personal property. Coverage for open perils means any peril not ...
The Standard Fire and Special Perils Policy (SFSP) [17] is a kind of traditional insurance product that is specially designed to protect your property and its articles from the unforeseen unfortunate accidents caused due to fire and the allied perils. With multiple extensions, this policy not only keeps your property secure but also lessens the ...
An "open perils" policy is broader in the sense that it will provide coverage for all losses except those expressly excluded from the policy. For insurance policies that cover specific named perils, the insurer frequently offers a choice between one policy covering a basic set of specific perils and another covering the same basic set plus ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
For example, some life insurance policies come complete with UFO abduction coverage. Although this may seem strange, in the case of a UFO abduction where it may be fairly difficult to determine whether an individual is dead or alive, the life insurance policy would pay benefits to the insured's designated recipient indefinitely or until the ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.