The Conditions
So far in these policy-structure posts, I’ve referenced
Twilight and quoted Lee Corso—I’m impressed you’re still reading. The next
section is the Conditions Section of the policies, which details the
policyholder’s obligations. Failing to satisfy these conditions is another way a
policyholder can lose coverage under the policy. This section requires things such as
providing the insurance company notice of a claim. This notice requirement is probably the most
important part of the Conditions section. This section also requires that you
pay the insurance premiums. Yes, it seems obvious, but it’s in there.
Depending on the type of policy, the Conditions may require
you not to incur any costs associated your claim without getting the insurance
company’s permission (think don’t settle a case without checking with your
insurer). It may require you to provide a “proof of loss” (a detailed list of
all your damaged property). It may
require you to sit for an examination under oath, which is a recorded question
and answer session where you have answer truthfully.
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