8.2 Non-Life Insurance Policies

The policy's common structure (the document's anatomy): the declarations (the insured, the subject, the sum insured, the period, the premium); the insuring clause (the promise's core — the peril's coverage); the conditions (the insured's duties: the premium's payment, the safety's observance, the claim's notice-and-proof, the arbitration faces); the exclusions (the uninsured perils-and-causes — the war, the wear, the nuclear, the intentional acts); the extensions-and-riders (the added covers). The policy's types (the non-life's catalogue): the specific-vs-blanket (the named-subject vs the category); the valued-vs-unvalued (the pre-agreed vs the assessed); the floating policies (the multiple-locations' single cover); the declaration policies (the stock's fluctuating-values faces); the replacement-cost-and-reinstatement policies (the new-for-old's craft — the indemnity's modification); the package policies (the combined covers — the shopkeeper's- and-householder's packages). The sum-insured craft: the under-insurance's consequence (the average clause — the proportional claim's reduction: the under-insured's penalty — the classic exam point); the over-insurance's bar (the double-recovery's prevention); the dual-insurance's faces (the multiple-policies' contribution — 8.3's doctrine).