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ALL RISK POLICY |
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A policy of insurance against damage to property is written to insure against "named perils," i.e., the various hazards against which the policy insures are listed. However, policies may be issued in certain cases to insure against "all risks of loss or damage" and are then termed "all risk" policies. The term "all risk" may appear confusing because all policies exclude insurance against certain hazards. |
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AMENDMENT |
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A formal document that corrects or revises an insurance master policy. See also Endorsement and Rider. |
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