Insurance Policy Terms Definition
Insurance policies are contracts of adhesion meaning contracts drafted by one party only.
Insurance policy terms definition. Policy dividend a refund of part of the premium on a participating life insurance policy. Deductible the amount of loss paid by the policyholder. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. The insurer writes the policy and offers it to the buyer.
Generally an insurance policy is assembled with a combination of various standard forms including a declarations page coverage form and endorsements. Insurance policy definition insurance policy in broad terms the entire printed insurance contract. Insurance is a means of protection from financial loss. Most buyers have little power to negotiate policy terms.
Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Pet insurance plans veterinary care plan insurance policy providing care for a pet animal e g dog or cat of the insured owner in the event of its illness or accident. Referred to as the ìdec page î. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss.
Policy definitions in defining the scope of coverage insurance policies rely on terms and phrases that have very special and often very specific meanings. Declaration part of a property or liability insurance policy that states the name and address of policyholder property insured its location and description the policy period premiums and supplemental information. Least expensive alternative treatment leat. They can either accept the policy as is or they can reject it.
I the act of providing compensation for a loss with the intent to restore an individual or entity to the approximate financial position prior to the loss. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. 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. Since these terms and phrases are usually repeated many times in the insurance policy a single definition of the term or phrase is included in the definitions section of the policy.
An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder. Policy a written contract ratifying the legality of an insurance agreement. Either a specified dollar amount a percentage of the claim amount or a specified.
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