Question

The common policy condition is a modular part combined with other parts to create the contract. The common policy condition section contains provisions that are applicable to all lines of coverage that may be included in the policy. Which of the following provisions would be found in the common policy conditions section of the policy?

1) Deductible
2) Policy period
3) Exclusions
4) Limits of liability

Answer 1

In the common policy conditions section of an insurance policy, you will typically find the policy period provision, which outlines the duration of coverage.

Step-by-step explanation:

The provisions that would typically be found in the common policy conditions section of an insurance policy include the policy period, which defines the duration of coverage. Unlike the deductible, which is the out-of-pocket amount the policyholder pays before the insurer pays the rest, or the exclusions and limits of liability which specify what is not covered and the maximum amount the insurer will pay, respectively, the policy period is universally relevant to all types of insurance coverage provided under the policy.