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I was reading up on past Charted Institute Insurance (CII) Exam papers and I came across the following question

1) Insured Perils

2) Uninsured Perils

3) Excluded Perils

In my opinion, Uninsured Perils are perils which are not covered in the insurance policy

Excluded Perils are perils which are excluded on purpose by the insurer on the insurance policy

What is exactly the difference between the two ??

  • Sorry - I think this falls under the same off-topic exclusion as accounting questions; it's not really something relevant to personal finance. – Joe Mar 8 '16 at 15:28
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    Fellow Joe, I am on the fence about this one. If not for the way it was presented this looks like a simple insurance question which may very well be personal-finance. – JoeTaxpayer Mar 8 '16 at 15:30
  • ibc.ca/ab/home/types-of-coverage/insured-perils Just google you will get quite comprehensive ones. – DumbCoder Mar 8 '16 at 15:53
  • @JoeTaxpayer Well, is knowing the difference between these things relevant for personal finance though? (It's also not a very good question otherwise, which perhaps pushes me over the fence that way.) I will admit to not knowing much about insurance myself, and while I imagine I know the answer to this from common sense, perhaps it has more relevance if I knew what it meant. – Joe Mar 8 '16 at 16:30
  • Look, let me go back in there and face the peril. – AbraCadaver Mar 8 '16 at 20:53
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It may be simply that an uninsured peril is a peril over which there is no policy of insurance. If a peril is covered by the wording of a policy of insurance then it could nevertheless be excluded under the terms of the policy. Does that help ? What does their suggested answer say ? END.

  • My understanding is that excluded is things which the insurance policy explicitly says will not be covered, such as "acts of God", whereas uninsured is things which this policy could have covered if you had paid more -- the deducted, anything above the policy value, optional coverage that you elected not to take. But if you need an official answer, don't take my word for it. (I think this has been asked before?) – keshlam May 20 '16 at 12:27

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