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hi everyone and welcome to my insurance lecture today I'm going to talk to you about policy structure you'll probably going to get a few questions regarding how a policy is structured and what's included in certain sections of a policy now my goal when I do lectures is to make it easy for you to understand the concepts so I hope that this helps you in this lecture I'm gonna go over how a policy is structured and what type of information is located in each section of a policy I'll try to give you some examples on how it relates to home or dwelling so my plug in here's my plug in if you go to my webpage you can view a 40-minute lecture on the dwelling policy for the low cost of 1225 I'm gonna also add a homeowner soon if you're interested in that please click the link below now the first page that you'll find in a policy should be the declarations page you'll get a question on the test that pertains to the first part of a policy and you need to know that it is the declarations page in the declarations page you're going to see the name of the insured the location of the property that's being insured so if it's a home you're gonna be you're gonna see the property's home address if it's a vehicle it's going to be the garage address or where the vehicles primarily located and in most cases it's gonna be the home address the declarations page will also include the policy premium the premium is the amount the insured is paying for coverage the decorations the declarations page is also going to include the effective date and the name insured that's listed on this page will also include the spouse if married the definitions is going to say who is insured other than the name insured remember the name insured would be listed on the declarations page so as an example in a homeowner's policy in the definitions of who is insured would include all resident relatives including children so anyone related to the name insured that reside in the home brother sister aren't uncles etc that means that if there was a fire in the home and you're live in sister's property was damaged according to the definition of who is insured on a homeowner's policy her items would be covered even though she's not listed as a name insured her name may not even be on the policy but she is a resident relative and the definition state that resident relatives are included the insuring agreement so the insuring agreement will state the promises of the insurance company as well as any perils covered what is covered under the policy to find that out check out your insuring agreement what does the company agree to insure you for per the insurance contract that's going to be in the insuring agreement for example on a dwelling policy some perils that are covered in the insuring agreement would be fire and lightning so the insuring agreement is more like the body it's also known as the clause this is where all your coverages are going to be this is where most if you're looking to find out if something is covered you're going to the insuring agreement what what does the insurance company promise that they are going to insure the additional coverages section of a policy will indicate what's covered in addition to what's in the insuring agreement it's kind of like buying a book at the bookstore and you get a free bookmark for your purchase or paying for a pedicure and in a day you also get a foot rub so the ensuring agreement of a homeowners policy will include the perils that are covered which we talked about but in addition under the additional coverages section damage to trees shrubs and plants would be covered as long as it's related to a covered peril such as fire the conditions are going to apply to the insured and the insurer it has to do with where the insured and the insurer responsibilities lie for example the insured has to provide notice of loss or claim that is a condition in the policy it's also a condition for the insurer to protect the property from further damage if possible provisions in the policy take coverages away from certain claims in the exclusion section perils can be excluded from a policy excluded means it's not included it's not covered for example property insurance policies do not cover war-war is an exclusion in many policies this means that if the property is damaged due to the peril of fire brought on by a war there's no coverage even though fire is a covered peril war is an exclusion and the exclusion eliminates that coverage an endorsement is something usually added to a policy to make the policy better you can endorse things onto the policy to get more coverage for example a dwelling policy does not have liability coverage but there is an endorsement that can be added called the comprehensive liability endorsement the insured would obviously pay more premium in order to endorse this coverage but it would make a policy better so you can endorse other coverages on to a certain policy to make it better so the structure of a policy includes the declarations definitions ensuring agreement additional coverages conditions exclusions and endorsements if you have any questions go ahead and just send me an email I hope that you understood this well and I hope that it helped again my name is Rebecca and I am your insurance lady