YOU ASK:
What is the definition of Exclusion?
WE ANSWER:
An Exclusion is a provision in the insurance contract that states that the policy will not cover a specific risk, class of property, location and people. These, essentially, are risks not covered by the policy.
For example, a home insurance policy may exclude acts of war. If an insured house is destroyed because of acts of war, the insurance company is not obligated to pay the claims. There are also home insurance policies that cover the house, but not valuable jewelry inside the house. Thus, if claims are filed for theft of the jewelry, the insurance company will not pay for this loss.
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More insurance terms around exclusion:
- Exclusive Agent
- Exclusive Remedy
- Expense Ratio
- Experience
- Exposure
- Extended Coverage
- Extended Replacement Cost Coverage
- Extended Term Insurance Option
- Face Amount
- Facultative Reinsurance
- Excess of Loss Reinsurance
- Excess and Surplus Lines
- Escrow Account
- Errors and Omissions Coverage (E&O)
- Equity Indexed Annuity
- Equity
- Environmental Impairment Liability Coverage
- Endowment Insurance
- Endorsement
- Employment Practices Liability Coverage