There are many parts to an insurance policy that are all very important. This article discusses the pieces and parts, and how they work.
October 26, 2020 at 06:18 AM
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As an industry, insurance is detailed and complicated, and it takes time to understand the basics, let alone the nuances. There are a multitude of policies; commercial property, commercial liability, commercial auto, homeowners, tenants, personal auto to name just a few of the basic ones. There are new terms and acronyms such as BOP, PAP, CGL, CPCU, E&O, D&O, and others to learn as well. There’s one acronym that most people learn very early on in their insurance careers; that’s DICE, which is used as shorthand for the parts of an insurance policy. While there are many types of policies, they generally consist of the same components, which are declarations, insuring agreement, conditions and exclusions.
When you’re first learning about insurance, it’s important to know how all these parts work together to form an insurance policy and provide coverage and exclusions as well as basic information about the insured and what is being insured. Let’s look at the parts individually.
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