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 ??