Common Policy Declarations

DEFINITION of 'Common Policy Declarations'

The declarations that are located in a separate section of a property or casualty insurance policy. Common policy declarations contain all of the basic information that defines the policy. These declarations include the name of the insured, the amount of coverage and the name, description and location of the item or items being covered.

BREAKING DOWN 'Common Policy Declarations'

Common policy declarations are a basic part of every insurance contract. They also include the dates from which coverage begins and ends, as well as the amount of premium required. The premium that insurance companies charge is based on the information found in the declaration.

RELATED TERMS
  1. Blanket Additional Insured Endorsement

    An insurance policy endorsement that automatically provides coverage ...
  2. Cover Note

    A temporary document issued by an insurance company that provides ...
  3. Prior Acts Coverage

    A feature of an insurance policy that extends the coverage of ...
  4. As Their Interests May Appear (ATIMA)

    Text in an insurance policy that allows other parties to be added ...
  5. Insurance Coverage Area

    The geographic region in which an insurance policy’s benefits ...
  6. Scheduled Personal Property

    Additional coverage that's over and above the typical coverage ...
Related Articles
  1. Personal Finance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
  2. Personal Finance

    The Best Way to Insure Your Jewelry

    What you need to know to keep those baubles, bangles and beads safe.
  3. Personal Finance

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  4. Trading

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  5. Financial Advisor

    Advising FAs: Explaining Life Insurance to a Client

    Life insurance was initially designed to protect the income of families, particularly young families in the wealth accumulation phase, in the event of the head of household's death.
  6. Managing Wealth

    7 Issues to Consider When Determining Life Insurance Coverage

    Seven issues to consider when buying life insurance to ensure the coverage is tailored to meet your personal financial situation.
  7. Personal Finance

    4 Reasons Why Waiting To Buy Life Insurance Is a Bad Idea

    Understand the benefits of applying for and securing life insurance coverage while you are young and healthy, and learn the cost of waiting to get coverage.
  8. Personal Finance

    Filling The Gaps In General Liability Insurance

    Standard liability coverage may not be enough. Special needs call for specialized policies.
  9. Personal Finance

    Long-Term Care Insurance: Who Needs It?

    No one is immune to the possibility of one day needing long-term care - and the costs can deplete a life savings.
  10. Personal Finance

    Does Buying a Guaranteed Life Insurance Policy Make Sense?

    When does it make sense to buy a life insurance policy that is guaranteed?
RELATED FAQS
  1. Do I have to declare a $5,000 death benefit (life insurance policy) I received upon ...

    Is there a form I need to fill out? ... Read Answer >>
  2. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  3. Who actually declares a dividend?

    Understand who actually declares a dividend when a company makes a dividend payment and how the payments of dividends appear ... Read Answer >>
  4. What's the difference between casualty insurance and disability insurance?

    Casualty insurance is often called "property casualty insurance", and it provides insurance protection for your property ... Read Answer >>
  5. What are some examples of industries that practice price discrimination?

    Understand the various types of insurance coverage offered in the insurance marketplace, and learn why each policy should ... Read Answer >>
  6. What is term insurance?

    Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" ... Read Answer >>
Trading Center