What term describes specified hazards listed in an insurance policy for which benefits will not be paid?

The term that describes specified hazards listed in an insurance policy for which benefits will not be paid is "exclusions." Exclusions are essential components of an insurance policy because they delineate the boundaries of coverage, clarifying what is not covered under the policy. By identifying exclusions, insurance companies manage risk and limit their liability for certain situations or conditions that they deem too risky or that were not intended to be covered by the policy. This is important for consumers to understand, as it helps them to know the limits of their coverage and what situations may leave them financially vulnerable.

The other terms listed do not pertain to the concept of non-coverage in the same way. For example, the "face amount" refers to the amount the insurer agrees to pay upon the policy’s maturity or in the event of a claim, which is distinct from restrictions on benefits. "Extra percentage tables" typically relate to additional coverage factors or adjustments and do not address exclusions. The "facility-of-payment provision" involves the payment of death benefits to certain beneficiaries in cases where specific criteria are met, but it does not deal with exclusions as a category of hazards for which coverage is denied. Understanding exclusions enables policyholders to make informed decisions about their insurance needs and the potential risks they