Smoke Damage Insurance

Insurance against damage done by smoke from the sudden, unusual, and faculty operation of a heating or cooking unit but only when such unit is connected to a chimney by a smoke pipe and while on the premises described in the Policy. Smoke damage from Fire places and industrial apparatus is excluded. Damage covered by smoke from a hostile Fire is covered by a Fire Insurance Policy rather than the smoke damage Insurance Policy.

Smoothing

process by which an insurer may protect holders of with-profits policies against market swings by adding to and drawing from a smoothing account created as part of the “investment reserve”.