What is the Definition of Exclusion in Insurance Terms?
A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations.
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 Annuity?
What is the Definition of Exclusion in Insurance Terms?
You can find random definition and meaning of insurance terms below:
Meaning of Split-Dollar Life Insurance Plan in Insurance Terms
An agreement under which a business provides individual life insurance policies for certain employees, who share in paying the cost of the policies.
Meaning of Spread Of Risk in Insurance Terms
The selling of insurance in multiple areas to multiple policyholders to minimize the danger that all policyholders will have losses at the same time. Companies are more likely to insure perils that offer a good spread of risk. Flood insurance is an example of a poor spread of risk because the people most likely to buy it are the people close to rivers and other bodies of water that flood. (See Adverse selection)
Meaning of Stacking in Insurance Terms
Practice that increases the money available to pay auto liability claims. In states where this practice is permitted by law, courts may allow policyholders who have several cars insured under a single policy, or multiple vehicles insured under different policies, to add up the limit of liability available for each vehicle.
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