Insurance Policy Meaning Definition
Insurance policy a contract detailing an insurance policy and outlining what risks are insured what insurance premiums are to be paid by the policyholder what deductibles prevail and all the details associated with a policy.
Insurance policy meaning definition. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e. A document that gives details of the agreement between an insurer and the person who is. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. Insurance policy the contents of an insurance contract.
Insurance policy definition is a document that contains the agreement that an insurance company and a person have made. The policy describes the specific types of coverage life health etc. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. In exchange for an initial payment known as the premium the insurer promises to pay for loss caused by perils covered under the policy language.
It 1 puts an indemnity cover into effect 2 serves as a legal evidence of the insurance agreement 3 sets out the exact terms on which the indemnity cover has been provided and 4 states associated information such as the a specific risks and. Insurance policy written contract or certificate of insurance. Least expensive alternative treatment leat. Meaning pronunciation translations and examples.
The insured by paying a definite amount in exchange for an adequate consideration called as premium. Switch to new thesaurus noun 1. Formal contract document issued by an insurance company to an insured. A written agreement for insurance between an insurance company and a person who wants insurance.
Jewelry regardless of. In insurance the insurance policy is a contract generally a standard form contract between the insurer and the insured known as the policyholder which determines the claims which the insurer is legally required to pay. Insurance is a means of protection from financial loss.
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