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Simple English definitions for legal terms

full-reporting clause

Read a random definition: common duty of care

A quick definition of full-reporting clause:

A full-reporting clause is a rule in an insurance policy that requires the person being insured to tell the truth about the value of what they are insuring. If they don't tell the truth, they can be punished. The clause also says that the amount of money the insurance company will pay out will be based on the value that was last reported, compared to the actual value.

A more thorough explanation:

A full-reporting clause is a term used in insurance policies that requires the insured to disclose all relevant information about the insured property or item. This clause penalizes the insured if they fail to reveal the actual value of the property or item in the policy application. It is also known as an honesty clause.

For example, if a homeowner fails to disclose that their house has a swimming pool, and the pool is damaged in a storm, the insurance company may refuse to pay for the damages because the homeowner did not disclose the pool's existence in the policy application.

Another example is when a business owner insures their inventory but fails to disclose the actual value of the inventory. If there is a fire, and the inventory is destroyed, the insurance company may only pay a portion of the claim because the insured did not report the actual value of the inventory.

The full-reporting clause is designed to ensure that the insurance company has accurate information about the insured property or item, which helps them determine the appropriate premium and coverage amount. It also protects the insurance company from fraud and misrepresentation by the insured.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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