DEFINITION of 'Absolute Exclusion'. An insurance policy clause that eliminates coverage of certain events. Absolute exclusions allow insurers to deny coverage of claims regardless of how the event came to be, provided that the exclusion is plainly worded and that it makes clear what specifically is being excluded from coverage. Next Up.
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Generally, the insurance provider is liable to pay the claim amount in case of death of the insured. But to avoid situations of adverse selection, the insurance companies will not consider provision of benefits for specific conditions like committing of suicide by the insured person.
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Definition of 'Exclusions'. Definition: Exclusions are the cases for which the insurance company does not provide coverage. These are the conditions excluded from the insured event to avoid losses to the company. Description: Life insurance contracts have certain specified provisions and clauses which have to be fulfilled so that the claim can be considered valid.
http://economictimes.indiatimes.com/definition/exclusions
Getting into a contract with a person or a company on false grounds by making statements that are not in accordance with the facts is known as misrepresentation. In an insurance policy, misrepresentation on the behalf of the insured gives the insurance company a right to terminate the policy.
http://economictimes.indiatimes.com/definition/exclusions
BREAKING DOWN 'Absolute Exclusion'. Insurance companies must balance the types of coverage that they offer with the likelihood that a claim will be made.
http://www.investopedia.com/terms/a/absolute-exclusion.asp
Definitions (2) 1.Specific condition, circumstance, or situation usually listed in a contract as being not covered. All contracts (including insurance policies and construction contracts) contain exclusions, expressly or by implication. 2.Asset or income that can be legally excluded from computation of gross income.
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Water Exclusion Clause. A restriction in a homeowner's or renter's insurance policy that ... An insurance policy clause that states when coverage terms are ... A clause in a property-casualty insurance contract.
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Home Insurance Quotes. Home insurance exclusions: What your policy won't cover. No matter what type of home insurance policy you buy, there's a list of common problems (called perils) that most insurance companies will not cover. Knowledge is your best defense when you have a possible home insurance claim.
http://www.insure.com/home-insurance/exclusions.html
The print version of Glossary of Insurance and Risk Management Terms is a handy tool for newcomers to the industry, CSRs, and support staff.
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define exclusion in insurance
An exclusion in insurance is defined as an insurance policy clause that eliminates coverage of certain events.