What is the Definition of Earthquake Insurance?

What is the Definition of Earthquake Insurance?

Covers a building and its contents, but includes a large percentage deductible on each. A special policy or endorsement exists because earthquakes are not covered by standard homeowners or most business policies.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Earthquake Insurance?

What is the Definition of Earthquake Insurance?

Check out other definition of insurance terms below:


Meaning of Twisting in Insurance Terms

An illegal insurance sales practice, in which a sales agent misrepresents the features of a contract in order to induce the contract owner to replace his current contract, often to the disadvantage of the contract owner. (See Misrepresentation)


Meaning of Unbundled Contracts in Insurance Terms

A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract.


Meaning of Umbrella Policy in Insurance Terms

Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.


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