sections with standard wording common to all property and casualty insurance contracts: conditions, declarations, exclusions, insuring agreement.

approved or accepted policy for a particular type of risk. The only type of risk covered by a standard form mandated by law is the fire policy. In 1886, New York adopted a standard fire form that has since been revised and adopted by every other state. In other types of coverage, states may prescribe mandatory or optional minimums or may forbid certain provisions. Therefore, while life and health benefits may vary widely, for example, policyholders are given certain uniform rights like grace periods for paying premiums. In other areas, insurers have voluntarily adopted standard forms. One example is the standard automobile policy. Other types of coverage are offered on standard forms developed by rating bureaus such as the Insurance Services Office (ISO). Although insurers may use these forms, they are not obligated to do so, and many develop their own forms.

elements common to all life insurance policies. While state insurance laws do not prescribe the exact words that must be in a life insurance policy, certain standard provisions must be included to provide specified basic benefits for an insured, who cannot be charged extra for them. Additional benefits can be provided, if the insurance company desires. Standard provisions include the beneficiary; grace period; incontestable clause; nonforfeitability (cash surrender benefit, reduced paid-up benefit, extended term benefit); policy loanreinstatement; suicide clause; war exclusion clause.