Valued policy Valued policy is a policy that pays the face amount of insurance, regardless of actual cash value, if a total loss occurs.
Valued policy laws Valued policy laws is requiring payment to an insured of the face amount of insurance if a total loss to real property occurs from a peril specified in the law, even though the policy may state that only the
Specified (dread) disease policy Specified (dread) disease policy is a limited policy that covers only certain diseases listed in the policy, such as cancer, multiple sclerosis, or muscular dystrophy. Specified (dread) disease policy also called a
Package policy Package policy that combines two or more separate contracts of insurance in one policy, for example, homeowner’s insurance.
Personal umbrella policy liability Personal umbrella policy liability is a policy designed to provide protection against a catastrophic lawsuit or judgment, whose coverage ranges generally from $1 million to $10 million and extends
Policy loan Policy loan is a cash value of a life insurance policy that can be borrowed by the policyholder in lieu of surrendering the policy.
Open perils policy Open perils policy coverage by an insurance contract that promises to cover all losses except those losses specifically excluded in the policy.
Nonparticipating policy Nonparticipating policy is a term used to describe a life insurance policy that does not pay dividends.
Occurrence policy Occurrence policy is a liability insurance policy that covers claims arising out of occurrences that take place during the policy period,
Named-perils policy Named-perils policy coverage by an insurance contract that promises to pay only for those losses caused by perils specifically listed in the policy.