What is the Definition of Inflation Guard Clause?
A provision added to a homeowners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflect current construction costs.
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 Inflation Guard Clause?
You can find random definition and meaning of insurance terms below:
Meaning of Increasing Term Life Insurance in Insurance Terms
A type of term life insurance that provides a death benefit that increases by some specified amount or percentage at stated intervals over the policy term. Contrast with Decreasing term life insurance.
Meaning of Incurred But Not Reported Losses/Ibnr in Insurance Terms
Losses that are not filed with the insurer or reinsurer until years after the policy is sold. Some liability claims may be filed long after the event that caused the injury to occur. Asbestos-related diseases, for example, do not show up until decades after the exposure. IBNR also refers to estimates made about claims already reported but where the full extent of the injury is not yet known, such as a workers compensation claim where the degree to which workrelated injuries prevents a worker from earning what he or she earned before the injury unfolds over time. Insurance companies regularly adjust reserves for such losses as new information becomes available.
Meaning of Incurred Losses in Insurance Terms
Losses occurring within a fixed period, whether or not adjusted or paid during the same period.
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