Insurance Policy Meaning Definition
A written agreement for insurance between an insurance company and a person who wants insurance.
Insurance policy meaning definition. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. You should have read the small print on your policy insurance policy contract a binding agreement between two or more persons that is enforceable by law floating policy floater an insurance policy covering loss of movable property e g. Insurance refers to a contractual arrangement in which one party i e. The insured by paying a definite amount in exchange for an adequate consideration called as premium.
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. Least expensive alternative treatment leat. Formal contract document issued by an insurance company to an insured. Jewelry regardless of.
A document that gives details of the agreement between an insurer and the person who is. Insurance is a means of protection from financial loss. Insurance policy written contract or certificate of insurance. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e.
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. 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. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. 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.
Switch to new thesaurus noun 1. Insurance policy the contents of an insurance contract. Meaning pronunciation translations and examples.
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