SCHEDULE

SCHEDULE The term "schedule" in insurance can have two different meanings depending on the context: 1. Schedule as a List of Details: refers to an attached document that provides additional details about specific aspects of the coverage. It essentially functions as a supplement to the main policy document, offering further clarification and specific information. 2. Schedule as an Exclusion: refer to a specific exclusion listed within the policy wording. This exclusion clause outlines particular situations or circumstances where coverage won't be provided. Example exclusion for pollution or environmental damages. Examples of how "schedule" might be used in this context: (1) A list of specified amounts payable for, usually, surgical procedures, dismemberments, ancillary expenses or the like in Health Insurance policies. (2) The list of individual items covered under one policy as the various buildings or animals and other property in property insurance. (3) In Marine policies, a list attached to a slip, open cover, policy or other document, usually detailing the rates of premium for various voyages, interests and risks. (4) In a Homeowners insurance: The schedule might list valuable personal property items covered under the policy, including details like descriptions, purchase values, and any specific coverage limitations. (5) In a Commercial auto insurance: The schedule might list all the vehicles covered under the policy, including details like make, model, year, and vehicle identification numbers (VINs). (6) In a Life insurance: The schedule might list beneficiaries and their designated percentages of the death benefit payout. understanding the two meanings of "schedule" in insurance is crucial for interpreting your policy documents accurately. When encountering the term, consider the context and surrounding information to determine its specific meaning and the information it conveys. #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful