The Insurance Policy
An insurance policy is the actual contract between you and the insuring company. It sets out exactly what the company agrees to do in exchange for the premium that you pay. This contract is divided into two sections: the declarations page and the policy itself.
- The declarations page includes basic details of the agreement including the name of the company, policyholder(s), policy number, policy period, description of coverages, items insured, limits of liability or deductibles, premium, and the list of forms.
- The policy is the insuring agreement and contains definitions, application of coverage, conditions and exceptions to the policy and endorsements of the policy which is a form attached to the policy bearing the language necessary to change the terms of the policy to fit special circumstances.
This is a complicated area of law and an attorney should be consulted on all matters relating to bankruptcy. The information on this website is provided with the understanding that the authors and publishers are not herein engaged in rendering bankruptcy, legal, insolvency, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional bankruptcy, insolvency, tax, legal or other competent advisors. While we have made every attempt to ensure that the information contained in this website has been obtained from reliable sources, Credit Advisors Foundation and Arbor Investment are not responsible for any errors or omissions, or for the results obtained from the use of this information.