(01) The terms or conditions of an insurance policy. (02) The practice among accountants is to apply the term provisions to the amounts set aside to provide for liabilities assumed to exist at the accounting date, and to apply the term reserves to amount available to meet liabilities that may arise after that date. Among actuaries and among practitioners of general insurance it has been widespread practice to apply the term reserve to both categories.
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Also known as a stipulation. A portion of the contract in which benefits and conditions of the policy are explained.
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The terms or conditions of an insurance policy.