The Terrorism Risk Insurance Act of 2002:

Question

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The Terrorism Risk Insurance Act of 2002 requires property and casualty insurers to offer terrorism insurance to all policyholders. This means that policyholders have the option to add terrorism coverage to their existing policies for an additional premium. The Act does not require that all life and health insurance policies exclude terrorism from coverage. It is triggered when the Secretary of the Treasury, in consultation with the Secretary of Homeland Security and the Attorney General, determines that an act of terrorism has occurred. The Act currently expires on December 31, 2027.