Additional Premium ・
It is an additional payment made on a premium due to changes made on the policy which be due to increase in risk or amendments made on a policy condition. Blanket Policy ・
It is a policy wherein a single sum insured covers several individual objects without dividing the amount mong the objects. Contingency ・
An event that may or may not be covered by an insurance policy. Disclosure ・
It is the duty of the insured to inform the underwriters of each and every significant detail before accepting the risk. Excess ・
It is the particular amount the policy holder pays before the insurance company pays claim. Physical Hazard ・
This is the physical aspect of a risk which influences the severity of a loss. Qualification Period -
It is the period in which the insurance company confirms if the claim is real. This is stated in the insurance policy.