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Simple English definitions for legal terms

full-reporting clause

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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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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