Common Policy Declarations

AAA

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.

INVESTOPEDIA EXPLAINS '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. Casualty Insurance

    A broad category of coverage against loss of property, damage ...
  2. Participating Policy

    An insurance contract that pays dividends to the policy holder. ...
  3. Premium

    1. The total cost of an option. 2. The difference between the ...
  4. Deductible

    1. The amount you have to pay out-of-pocket for expenses before ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Vandalism Endorsement

    An optional type of coverage that can be added to a basic hazard ...
Related Articles
  1. Why Your Will Should Name Designated ...
    Home & Auto

    Why Your Will Should Name Designated ...

  2. Preparing Your Finances From Natural ...
    Home & Auto

    Preparing Your Finances From Natural ...

  3. Is Your Insurance Company Going Belly ...
    Home & Auto

    Is Your Insurance Company Going Belly ...

  4. Are Return-Of-Premium Riders Worth It?
    Home & Auto

    Are Return-Of-Premium Riders Worth It?

comments powered by Disqus
Hot Definitions
  1. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  2. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  3. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  4. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  5. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
Trading Center