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?
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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