Understanding the Insurance Policy Conditions
The Employment Practices Liability Insurance is basically a legal contract between the policyholder and the insurance company, which describe the legal obligations that the insurance company is obligated to pay in case the insured occurs. In return for an initial premium, also called the fee, the insurance company promises to settle for a certain amount of compensation caused by perils fully covered by the policy document. When the insured individual applies for insurance he needs to list the following: his occupation, his age, the number of his years spent working and the nature of his trade. In case of accidents, the insurance company also stipulates that the insured person should be given a certificate of medical treatment.
One of the most common types of insurance policy in the UK is the personal accident policy. The term personal accident refers to a bodily injury caused to the insured party by another person’s fault. Usually, this type of policy provides cover for damage to the car or vehicle, but not for damage to the person caused by such accident. For this reason, few people apply for a personal accident insurance policy, as their cars or vehicles are rarely damaged in an accident. Gap insurance is one of the few exceptions.
Gap insurance provides cover for accidents that may occur between the time you hire the vehicle and when it is driven off the road. It is a specialized insurance policy designed to provide cover in the event that the vehicle is damaged on the roadside. Gap insurance is different from rental reimbursement cover. Rental reimbursement involves insurance policy that pays for the expense incurred by the rental vehicle while it is being driven away. Gap insurance is meant to provide coverage for accidents that occur while the insured vehicle is being towed somewhere.
There are several aspects that determine whether an individual should get a particular type of insurance policy. The type of vehicle being insured, its age and value, its intended purpose and the number and kind of drivers should all be considered before making the final decision. The contents of the insuring agreement and its terms and conditions should also be closely considered by the person who is going to sign the agreement.
The contents of the insurance policy can include payment for expenses for repairs or replacement of the insured item, payment for medical treatment provided to the third party involved in the accident, compensation for property loss suffered by either the person or his or her insurer, and payment for any other types of loss not mentioned in the exclusions clause. The exclusions are the part of the coverage form that restricts the damages and costs that the insured person is bound to bear. However, there are some common exceptions to this rule, including perils of failure to observe the laws of driving in some states and perils that may arise out of the use of a cell phone while driving.
In order to know more about the various policies available, one needs to contact their insurance agent or consult the Internet for more information. One can also check with the state’s department of insurance to determine what the minimum coverage is for the state in which they live. One can also get advice on how to choose a policy from professionals such as attorneys and brokers.