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WAIVER |
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The intentional relinquishment of a known right” is the definition adopted by some important courts. To illustrate, an insurance policy may set forth certain conditions with which a policyholder must comply under penalty of voiding his insurance, e.g., he may have accepted a policy in which it is stated that he must maintain a watchman on the premises or keep a sprinkler system in working condition. The company may forgo its right to the avoidance of the policy arising from the insured’s failure to comply. Such a waiver may be conveyed by implication as well as by direct statement.. |
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WARRANTY |
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A statement by the insured on the literal truth of which the validity of the insurance contract depends. Warranties may relate to matters existing at or before the issuance of the policy (affirmative warranties) or may be undertakings by the insured that something be done or omitted after the policy takes effect and during its continuance (promissory warranties). |
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WINDSTORM INSURANCE (including tornado and cyclone) |
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As the name would indicate, this is insurance against damage done to property by unusually high winds or by cyclones or hurricanes. Today most such liability is assumed by the “extended coverage” endorsement. |
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WATER DAMAGE INSURANCE |
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Insurance against loss due to the accidental presence of water in places it is not supposed to be. It is one of the covers of the additional extended cover endorsement, and also is written on special water damage policies by both fire and casualty companies. |
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WORKMEN’S COMPENSATION INSURANCE |
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As per the Workmen’s Compensation Act, 1923, employers must provide compensation to a worker injured while at work for an employer, whether or not the employer has been negligent. Insurance against such payments that an employer may be faced with is “workmen’s compensation". |
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