Principles of Risk Management and Insurance, 13th Edition

Analysis of Homeowners 3 Policy (Special Form)

In the remainder of this chapter, we examine the major provisions that appear in Section I in the Homeowners 3 policy (special form). As you study this section, you may find it helpful to refer to the Homeowners 3 ­policy in Appendix B at the end of this text.

Persons Insured

Certain words and phrases are defined in the policy. One of the most important is the meaning of the term insured. The following persons are considered insureds under the policy:

• Named insured and residents of the household who are your relatives. The named insured is the person or persons named in the declarations page of the policy. The named insured under the policy is also referred to as you. Coverage also applies to the ...