What Are The Legal Characterstics Of Insurance Contract?

Insurance Contracts are usually broken down in parts.  Most companies tend to follow the Insurance Service Office (ISO) standards of langugage

Part I traditionally will begin with definitions fo the language (insured, spouse, relationship, etc.)

Part II is the detailed definitions of the coverages as seen on the declarations page (this is the shot version of the limits of coverage of the policy)

Part III Delcares Exclusions

Part IV How to claim and the policy holder's responsibility in reporting claims and how you will report changes with your "situation" depending on the nature of the policy (i.e. Occupying a home, change in residence address, change in marital status, new dependents, etc.)

Part V Your rights to appeal for an arbitration hearing should you disagree with the "settlement" of a claim