Insurance Meaning By Law
Define insurance threshold amount.
Insurance meaning by law. Means the greater of i 5 000 000 or ii 10 of the appraisal value of the applicable individual mortgaged property based upon the then most current appraisal which had been obtained by lender of said individual mortgaged property which appraisal value as of the date of this agreement for each of the individual mortgaged properties is listed on exhibit g. The insured by paying a definite amount in exchange for an adequate consideration called as premium. These endorsements are usually optional for the policyholder. Some forms of insurance are required by law while others are optional.
However if you suffer loss or damage to your dwelling you may have to rebuild to current standards. Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur. Least expensive alternative treatment leat. In order to understand insurance law it is useful to understand insurance first.
A by law endorsement is an insurance endorsement that covers expenses added onto a claim due to certain by laws of an area. The losses covered by the policy may include property damage or loss from accident fire theft or. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e. Definition of insurance law.
In exchange for payments from the insured called premiums the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. A contract whereby for specified consideration one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. Insurance law and legal definition.
This coverage provides protection for new by laws that would increase the cost of rebuilding or repairing your dwelling following an insured loss. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. The by law regulations could be town city state or federally regulated. Insurance is a contract called an insurance policy in which the insurer agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium.
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