What is the Definition of Loss Of Use?

What is the Definition of Loss Of Use?

A provision in homeowners and renters insurance policies that reimburses policyholders for any extra living expenses due to having to live elsewhere while their home is being restored following a disaster.

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 Loss Of Use?

What is the Definition of Loss Of Use?

You can find random definition and meaning of insurance terms below:


Meaning of Commutative Contract in Insurance Terms

An agreement under which the contracting parties specify the values that they will exchange; moreover, the parties generally exchange items or services that they think are of relatively equal value. Contrast with Aleatory contract.


Meaning of Competitive State Fund in Insurance Terms

A facility established by a state to sell workers compensation in competition with private insurers.


Meaning of Complaint Ratio in Insurance Terms

A measure used by some state insurance departments to track  consumer complaints against insurance companies. Generally, it is stated as the number of complaints upheld against an insurance company, as a percentage of premiums written. In some states, complaints from medical providers over the promptness of payments may also be included.


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