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What do you mean by 72-hour clause in engineering insurance policy?
Wiki User
∙ 13y ago
any loss of or damage to the property described in the schedule arising during any one period of 72 consecutive hours, caused by flood, storm, tempest, water damage, subsidence, collapse or earthquake shall be deemed as a single event and, therefore, to constitute one occurrence with regard to the sum insured and deductible(s)
Wiki User
∙ 13y ago
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Is 72 hour clause in engineering insurance policy advantage or disadvantage?
The 72-hour clause in an engineering insurance policy is an advantage to the homeowner and not a disadvantage.
What is incontestability clause in life insurance policies?
You can find this by looking at the "Incontestable Clause" in your life insurance policy. The "Incontestable Clause" states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
Is there a suicide clause on a group life insurance policy?
no
What is contestability period in life insurance?
The Contestability Period in a life insurance policy is usually two years. You can find this by looking at the "Incontestable Clause" in your life insurance policy The Incontestable Clause states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
How long does a life insurance policy have to be in effect where it cant be questioned?
Refer to the Incontestable Clause in your life insurance policy. The Incontestable Clause states that after the policy is In Force two years, the company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
What is clause a in insurance?
Clause implies the terms and conditions of the particular policy by which the same is governed and both parties should abide by the said clauses for smooth transition of the policy.
What is incontestable period in life insurance?
The Incontestable Clause in a life insurance policy states that after the policy is In Force two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
Does increased cost of construction insurance clause affect the co-insurance clause of the policy?
NO, Increased Cost of Construction is exactly as stated, also known as "Replacement Cost". It does not affect the Coinsurance clause of your insuring contract
What is the uninsured motorist clause about in the US?
The clause in a policy of insurance on a motorcycle, provides that if the owner of the motorcycle is injured by a negligent driver of another vehicle who doesn't have liability or insurance, then the insurance company will pay its insured's damages.
What insurance companies cover suicides?
Life Insurance Companies do not cover suicide, subject to the "Suicide Clause" limitation in all life insurance policies. The suicide clause stats that no death payment will be made if an insured commits suicide within the first two years (one year in Colorado) that the policy is in force. This clause protects the insurance company against adverse selection - the purchase of a life isnurance policy in contemplation of a planned death in order for the beneficiary of the life insurance policy to collect the life insurance proceeds.
Is 72-hour clause in engineering insurance policy advantage or disadvantage?
The 72-hour clause in an engineering insurance policy can be considered both an advantage and a disadvantage. On one hand, it allows the insured to make a claim within 72 hours of discovering any loss or damage, ensuring prompt coverage for immediate concerns. On the other hand, it imposes a strict time limit, which may be challenging for the insured to meet in situations with complex or latent damages that take longer to identify. Ultimately, the suitability of the 72-hour clause will depend on the specific circumstances and needs of the insured party.
Do term insurance policies have a double indemnity clause?
Some do, some do not, You just need to read your policy language or ask your insurance agent what kind of policy you bought.
