define policy exclusion
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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.
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exclusion YES NO 6 people found this helpful. “ After my company's factory burned down, my boss was horrified to learn that arson was treated as an exclusion for our insurance policy and that we would not be paid the insurance money if the police learned what he had done.
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Exclusions: What your policy won't cover Exclusions listed in a personal auto insurance policy vary depending upon what state laws permit and then the guidelines of your car insurance company. When something is noted as excluded on your policy, it means that your policy won't cover it. Exclusions can be associated with a person, property, location, peril or specific situation.
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What is 'Income Exclusion Rule' Income Exclusion Rule. DEFINITION of 'Income Exclusion Rule'. A rule that sets aside certain types of income as nontaxable. There are many types of income that qualify under this rule, such as life insurance death benefit proceeds, child support, welfare and municipal bond income. Income that is excluded is not reported anywhere on Form 1040.
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What is 'Income Exclusion Rule' DEFINITION of 'Income Exclusion Rule'. A rule that sets aside certain types of income as nontaxable. There are many types of income that qualify under this rule, such as life insurance death benefit proceeds, child support, welfare and municipal bond income. Income that is excluded is not reported anywhere on Form 1040.
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Group-Term Life Insurance Total Amount of Coverage. IRC section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $50,000.
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Policy A policy is a deliberate system of principles to guide decisions and achieve rational outcomes. A policy is a statement of intent, and is implemented as a procedure or protocol. This information is often quite valuable when policies must be evaluated or used in ambiguous situations, just as the intent of a law can be useful to a court when deciding a case that involves that law. 2  Definitions, providing clear and unambiguous definitions for terms and concepts found in the policy document.
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Exclusion Law and Legal Definition Exclusion Law & Legal Definition. Exclusion means the act or practice of excluding, which is keeping out. When used in relation to tax matters it refers to an item of income excluded from gross income.For example, annual exclusion is the amount allowed as nontaxable gift income during the calendar year.xclusion means the act or practice of excluding, which is keeping out.
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Policy Provisions Policy provisions are clauses in an insurance contract that lay out the exact conditions for which coverage is provided and for what amounts, along with exclusions and other restrictions. Insuranceopedia explains Policy Provisions.
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Definition In 1982, the U.S. Supreme Court decided that cities are not immune to antitrust laws. Exclusions for alleged violations should be avoided in the public officials liability policy. More D&O, E&O, and Professional Liability Information from IRMI.
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- a shutting out or elimination; surgical isolation of a part, as of a segment of intestine, without removal from the body. competitive exclusion (CE) a term used to describe the protective effect of the natural or native bacterial flora of the intestine in limiting the colonization of some bacterial pathogens.
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Exclusion Law and Legal Definition Exclusion means the act or practice of excluding, which is keeping out.When used in relation to tax matters it refers to an item of income excluded from gross income.xclusion means the act or practice of excluding, which is keeping out.
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- Insurance Endorsement Definition. An endorsement for an insurance policy refers to any amendment that alters the terms of the contract either by expanding or restricting coverage. Endorsements can cause premiums to rise or fall depending on the changes made to the policy.
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Exclusion Exclusions exist because they are thought to be too risky for the health insurance provider. For example, many insurance providers exclude treatment for some types of cancer because they are so expensive to treat. See also: Pre-existing condition. 2. Income that is not considered gross income for tax purposes. Exclusions include gifts, inheritance, and some others. It is important to note that just because a type of income is an exclusion, it does not mean that it is not taxed; it simply may be taxed differently. Exclusions are stated in the U.S. Tax Code.
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- C - Policies intended to prevent collusion among firms and to prevent individual firms from having excessive market power. Major forms include oversight of mergers and prevention of price fixing and market sharing. Called  anti-trust policy in the U.S. One of the Singapore Issues.
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Definition employment practices liability insurance (EPLI) A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation.
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Definition of 'Exclusions' DOWNLOAD THE APP NOW. 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.
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Beware the Residential Exclusion! A residential exclusion is never something a contractor or an insurance agent wants to see on a policy. A thorough review of the endorsement and a comprehensive comparison to a contractor’s work can help ensure that important coverage is preserved.
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- DEFINITION of 'War Exclusion Clause'. A clause in an insurance policy that specifically excludes coverage for acts of war such as invasion, insurrection, revolution, military coup and terrorism.
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Definitions &Translations Wiktionary(3.00 / 1 vote)Rate this definition: 1  exclusion(Noun) The act of excluding or shutting out; removal from consideration or taking part. 2  exclusion(Noun) The act of pushing or forcing something out. 3  exclusion(Noun) An item not covered by an insurance policy.
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- Policies that are aimed at promoting competition among firms in the economy are called antitrust policies. These policies can limit the ability of firms to merge, prohibit them from agreeing with one another on price or output, restrict the ways in which they do business, or even break large firms up into smaller ones.
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What is 'Absolute Exclusion' 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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Definition blanket additional insured endorsement. An endorsement sometimes attached to liability insurance policies that automatically grants insured status to a person or organization that the named insured is required by contract to add as an insured. May apply only to specific types of contracts or entities. Also referred to as an automatic additional insured endorsement..
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- When a policyholder – or an insurance company – takes formal steps to remove a household driver from an auto insurance policy, that's a driver exclusion.f the excluded driver used your car without permission, you may have to prove that the driver stole your vehicle for the accident to be covered by your insurance. Driver exclusion requirements differ by state.
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Umbrella policy Umbrella Policy. An insurance policy that covers the policyholder for all claims that his/her other insurance policies do not cover. For example, if a health insurance policy only covers an individual up to $1 million, an umbrella policy would pay for all claims above that. Likewise, if an export insurance policy covers loss but not damage to the exports, an umbrella policy would cover damage.
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exclusion 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.