What does DICE LEAD refer to in insurance terminology?

DICE LEAD is a mnemonic that helps to identify the essential components of an insurance policy. Each letter represents a specific element:

• D for Declaration page, which includes basic information about the insured, policy limits, and coverage period.

• I for Insuring Agreement, which outlines the coverage provided by the policy.

• C for Conditions, detailing the obligations of both the insurer and the insured.

• E for Exclusions, which specifies what is not covered by the policy.

• L for Limits of liability, indicating the maximum amount the insurer will pay for a covered loss.

• E for Endorsements, which are amendments or additions to the original policy that alter its coverage.

• A for Additional Coverages, which are additional protections that can be provided at no extra cost.

• D for Definitions, where key terms used throughout the policy are defined for clarity.

This framework is crucial for understanding the structure of an insurance policy, ensuring that both agents and policyholders can navigate the document effectively. By organizing the policy components in this manner, DICE LEAD aids in comprehending the entirety of the policy and its implications for coverage.