The insurance policy or contract is a contract by which the insurer promises to pay benefits to the insured or, on his behalf, to a third party if certain events occur. Subject to the “Fortuity” principle, the event must be uncertain. The uncertainty may be either when the event will occur (for example. B in life insurance, the date of the insured`s death is uncertain) or whether it will occur (for example. B in fire insurance, whether or not there is a fire).  An insurance policy is a legal contract between the insurance company (the insurer) and the insured, the company or the insured (insured). When you read your policy, make sure the policy complies with your requirements and understands your responsibilities and responsibilities of the insurance company in the event of a loss. Many policyholders purchase a policy without understanding what is covered, the exclusions that remove insurance coverage and the conditions that must be met for coverage to apply in the event of a loss. SCDOI would like to remind consumers that reading and understanding your entire policy can help you avoid problems and disagreements with your insurance company in the event of a loss. Exclusions – These policy provisions will set the limits of the coverage promises mentioned in insurance agreements. These provisions are intended for one or more purposes, including the removal of coverage of (1) coverage for losses caused by certain risks, 2) coverage by other insurance companies, 3) coverage of uninsurable losses. In principle, exclusions are the parts of the insurance contract that limit the scope of coverage and/or list causes and conditions that are not covered. Here is an example of common exclusions in auto insurance – insurance is necessary when there is a dispute over whether or not a particular injury is covered.
Both the insurance company and the policyholder should be able to determine whether damage is covered from the insurance policy. Although the insurance of the agreements is aimed at resolving these problems, differences of opinion remain on the terms of the insurance agreement.