BANKING AFFAIRS

Detailed explanation-1: -Clause A section of an insurance policy dealing with various coverages, exclusions, duties of the insured, locations covered and conditions that terminate coverage. Combined Ratio The sum of the loss ratio and the expense ratio.

Detailed explanation-2: -Declaration Page The part of your insurance policy that shows the policy period, who and what is insured, the basic amounts, and general types of coverage being provided.

Detailed explanation-3: -Every insurance policy has five parts: declarations, insuring agreements, definitions, exclusions and conditions. Many policies contain a sixth part: endorsements. Use these sections as guideposts in reviewing the policies.

Detailed explanation-4: -Insuring Agreement The portion of an insurance contract that describes what is covered. The insuring agreement usually states the perils insured against, the person(s) and/or property covered, the property locations, and the period of the contract.

Detailed explanation-5: -Exclusions are provisions in business insurance policies that eliminate coverage for certain types of property, perils, situations, or hazards. Risks described in exclusions aren’t covered by the policy. Insurers utilize exclusions to remove coverage for hazards they’re unwilling to insure.