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In insurance, the insurance policy is a contract (usually a standard form contract) between the insurer and the policyholder, which determines the fees that the insurer must pay legally. In exchange for a first payment, called a premium, the insurer promises to pay for losses caused by watery hazards that fall within the language of insurance. Insurance contracts are designed to meet specific needs and therefore have many features that are not found in many other types of contracts. As insurance policies are standard forms, they have a language that is similar in a wide range of types of insurance. [1] Various provisions – The provisions that, together with declaration, insurance, exclusions and conditions, subscribe to the insurance policy. These provisions help to define working methods for the implementation of insurance conditions. Below is an example of these provisions that are mentioned in the case of auto insurance – An insurer may change the language or coverage of a policy when renewing the policy. Endorsements and Riders are written provisions that complement, erase or amend the provisions of the original insurance contract. In most countries, the insurer is required to send you a copy of the changes to your policy. It is important that you read all the endorements or riders so that you understand how your policy has changed and whether the policy is still sufficient to meet your needs. This is a summary of the insurance company`s key promises, and indicates what is covered.

In the insurance agreement, the insurer undertakes to do certain things, such as paying losses for guaranteed risks, providing certain services or defending the insured in liability action. There are two basic forms of insurance policy: to obtain a copy of your insurance policy, please contact your insurance agent or your business. Exclusions – These policy provisions will set the limits of the coverage promises mentioned in insurance agreements. These provisions are intended for one or more purposes, including the removal of coverage of (1) coverage for losses caused by certain risks, 2) coverage by other insurance companies, 3) coverage of uninsurable losses. In principle, exclusions are the parts of the insurance contract that limit the scope of coverage and/or list causes and conditions that are not covered. This is an example of frequent exclusions in car insurance – similarly, the explanation page of a life insurance company contains the names of policyholders and the nominal amount of life insurance (e.g.B.