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Parts of an Insurance Policy

Application

Endorsements

Policy Jacket

Declaration Page

Application

The information needed to create the insured’s policy is supplied by the agent on the New Business Application. The information on the application represents the insured and any pertinent facts needed to underwrite and issue the policy.

Endorsements change the policy by...Adding coveragesDeleting CoveragesExpanding CoveragesLimiting or Restricting Coverages

Endorsements

You can endorse your policy by adding...

• Rental Reimbursement Coverage
• Roadside Assistance
• Underinsured Motorist Coverage
• Medical Payments Coverage

You can endorse your policy by removing...

• A driver from a Personal Auto policy
• Coverage B from a Homeowners Policy
• Water Backup of Sewers or Drains

You can expand coverages by...

• Expanding to replacement cost
• Increasing the limit on something that is already covered
• Covering property away from your home

You can limit or restrict coverages by...

• Earthquake Exclusion
• Flood Exclusion
• Wind/Hail Exclusion
• Sub-limit - ex. A policy might have a $5,000 limit on jewelry claims, even if the overall personal property coverage is much higher

Policy Jacket

The policy jacket is where all the legal language is spelled out. The jacket is the same for everyone.

Declaration Page

The declaration page includes the information found on the application, plus what the policy number is, when the policy is effective and expires, the name of the insured, what is being covered, and for how much, etc.The Declaration Page personalizes the policy.