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Q: What is a policy document?


  1. This is a legal contract between you and the insurer. 

  2. The contract contains the policy wording, presentation, the schedule of exclusions, endorsements and guarantees.

  3. The policy document will probably contain sections which are irrelevant to your situation and can therefore be ignored.
  4. The document will have a general section relevant to all policy holders, consisting of terms and conditions, as well as the exclusions. It remains the responsibility of the policy holder to read the contract and ask questions in order to fully understand the contents of the contract, the exclusions, the endorsements and the guarantees.

Q: What is a schedule?

A: The schedule is a document describing exactly what you are insured for.  It should be read together with the policy document.

Q: What is an endorsement?

A: This refers to those changes the insurer makes to your specific policy document regarding the terms and conditions. It can also include any additional coverage you may request.

Q: What is an exclusion?

A: Exclusion refers to any contingency and/or items for which you are not insured.
It can also include restrictions on the coverage of the policy.

Q: What is a guarantee?

The guarantee refers to a undertaking that certain facts are true and just or that certain conditions should be met in future.



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