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Self-contained vs Modular policies
- self-contained: within one doc, all provisions needed to make up a complete ins policy
- (+) appropriate for insuring loss exposures that are similar among many insureds
- modular policy: created by combining a set of individual components, such as one or more coverage forms / causes of loss forms / conditions forms
- (+) minimize possibility of gaps and overlaps
- (+) consistent terminology
- (+) fewer forms required to meet wide range of needs
- (+) uw simplified since most info analyzed applies to all lines
- (+) reduces adverse selection by offering more lines of insurance to a single insured
- (+) insurers often give package discount
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Preprinted vs Manuscript Forms
- preprinted: developed for use with many different insureds. Declaration page adds insured's specific info
- manuscript: custom forms developed for one specific insured - or a small group - with unique coverage needs
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Standard and Nonstandard Forms
- standard forms: provided by insurance service and advisory organizations (ISO, AAIS)
- company-specific / proprietary forms: used for high-volume lines of insurance (auto / homeowner)
- provisions: nonstandard forms include provisions that vary from standard-form provisions and often contain coverage enhancements not found in standard forms
- policy analysis: preprinted nonstandard forms typically easier than manuscript form insurance
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Endorsements and Other Related Documents
- endorsements: may be preprinted, typewritten, handrwritten, etc. (1) takes precedence over any conflicting policy term (2) handwritten supersedes computer-printed
- insurance application: documented request for coverage. Contains insured's info
- other documents: premium notes, inspection reports, specification sheets
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