Product Handbook: Commercial Lines

Frequently Asked Questions

Q$1$: I thought insurance contracts were legal documents, not open to widely varying interpretations. But, our trainer told us that contracts are frequently interpreted in ways perhaps not originally intended. Why?

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Q$2$: I know insurance is regulated and that there are a variety of ways the interpretation of a policy can be impacted regardless of the original intent of the insurance company who issued it$.$ Can you tell me two or three of those ways?

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Q$3$: After I learned about the different sections that make up an insurance policy, like insuring agreements, conditions and exclusions, our trainer told us it was critical that no section be interpreted in isolation without regard to the other sections. Can you explain why this is true?

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Q$4$: Some of the forms in this Handbook have to combined with other forms to make a complete policy, while other forms such as the Business Owners Policy, are already put together into a packaged policy. Why are some products packaged while others are not?

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Q$5$: What are the different parts that make up a non$-$packaged commercial policy that would provide, property, liability and business income $($with extra expense$)$ coverage?

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Q$6$: We learned that at least some policies in this Handbook have a Liberalization Condition which impacts how the policy is interpreted at the time of a claim. Can you explain why this Condition might impact how a claim is paid?

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