Final answer:
Declarations are statements made by the insured in an insurance policy that provide information about the insured's identity and the property or risk being insured. Common policy conditions are standard provisions that outline the rights and responsibilities of the insured and the insurer. The two forms of insurance policies are occurrence-based and claims-made.
Step-by-step explanation:
Declarations
Declarations are statements made by the insured in an insurance policy that provide information about the insured's identity, the property or risk being insured, and other relevant details. They help to define the scope of coverage and determine the premium that needs to be paid.
Common Policy Conditions
Common policy conditions are standard provisions that are included in most insurance policies. These conditions outline the rights and responsibilities of the insured and the insurer, such as the duty to provide notice of a claim, the process for resolving disputes, and the consequences of misrepresentation or fraud.
Two Forms: Occurrence & Claims-Made
The two forms of insurance policies are occurrence-based and claims-made. An occurrence-based policy provides coverage for incidents that occur during the policy period, regardless of when a claim is made. In contrast, a claims-made policy provides coverage for claims that are made during the policy period, regardless of when the incident occurred.