The Dec Page
Picking up from my last post, my next several are on the
particular parts of a common policy. It’s riveting stuff I know. The Declarations
(or Dec) Page is probably the most important part of the policy. This is the page (or couple pages) you likely
receive once a year from your insurance company (other than the bill). It will
list the policy number, which is just a unique identifying number for your
particular policy. Often times with just this number, it is possible to
recreate the entire policy.
The Dec Page also identifies the policyholder (often noted
as the “Named Insured”). If you’re a
business, you want to make sure this is the proper business name and address. The
Dec Page will have the policy period (the period of time the policy is in force),
the policy limits (the amount of money the policy will pay), and often the
general types
of coverage.
Finally, the Dec Page should identify the forms that are
used in your policy. Generally, insurance companies use forms for their various
policies. They don’t write unique language for your policy (sorry, you’re not
that special). Insurance companies have set forms with “approved” language. The
Dec Page tells you which forms make up your policy. This is how you can
recreate your policy with just the Dec Page.
No comments:
Post a Comment