Broad-Form Homeowners Policy: Covers falling objects, damage due to the weight of ice, snow or sleet, collapse of all or part of the building, bursting, cracking, burning or bulging of a steam or hot water heating system or of appliances used to heat water, accidental discharge, leakage or overflow of water or steam from within a plumbing, a heating or an air-conditioning system, freezing of plumbing, heating and air-conditioning systems and domestic appliances, and injury to electrical appliances, devices, fixtures and wiring from short circuits or other accidentally generated currents.

 

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Broad-Form Homeowners Policy: Covers falling objects, damage due to the weight of ice, snow or sleet, collapse of all or part of the building, bursting, cracking, burning or bulging of a steam or hot water heating system . . . View Full Definition

Paid-Up Policy: A paid-up policy is a whole life insurance policy for which no additional premium payments are required to keep in force. Generally, a standard paid-up policy lasts the rest of your lifetime . . . View Full Definition

Own-Occupation Policy: If you purchase an own-occupation disability insurance policy, you are entitled to receive benefits if a disability prevents you from performing the skilled work for which you have been trai . . . View Full Definition

Participating Policy: When policyholders have what is called a participating policy from a mutual insurance company, they are eligible to receive dividends based on the company’s financial performance. When claim . . . View Full Definition