Arkansas Insurance Adjuster Practice Exam

In which section of an insurance policy is 'We, us, and our' defined as referring to the insurance company?

1. Exclusions

2. Declarations

3. Definitions

4. Conditions

The correct answer is: Definitions

In an insurance policy, different terms and phrases may have specific meanings and interpretations based on the context of the policy. The section dedicated to defining these terms and phrases is known as the "Definitions" section. In this section, you can find the meanings of commonly used terms such as 'We, us, and our' which are used throughout the policy and typically refer to the insurance company. Since this section provides the necessary context for the rest of the policy, the other options (Exclusions, Declarations, and Conditions) would not be appropriate places to define these terms. Additionally, the Exclusions section specifically lists what is not covered by the insurance policy, the Declarations section outlines the specifics of the policy such as coverage limits and deductibles, and the Conditions section details the obligations and responsibilities of both the insured and insurer. Therefore, the correct section for defining the terms 'We, us, and our' would be the Definitions section.