(i) The statement of the proposal form signed by the insured to certify the accuracy of the information he has given. (ii) Portion of some Insurance policies that contain information identifying the insured, the general nature of the coverage, and the basis on which the premium is computed. (iii) In Fire Insurance, declaration refers to periodical returns of the value of the goods dispatched. Under declaration policies these returns stand for the purpose of premium adjustment.
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UK: 1. A statement on a proposal form whereby the proposer affirms the truthfulness of his answers, usually to his best knowledge and belief. The declaration may convert the statements into warranties which become the basis of the contract. 2. Periodic declarations of a variable, e.g. wages, made by the insured under adjustable policies.
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MEDICAL,USA: Section in a property or liability insurance policy that lists the name and address of the policyholder, property insured, location and description, policy period, amount of insurance, premium, and additional information given by the insured.