Insurance Policy Is Definition
Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e.
Insurance policy is definition. Formal contract document issued by an insurance company to an insured. 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. The insured by paying a definite amount in exchange for an adequate consideration called as premium. The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement property valuation other insurance subrogation rights and cancellation and nonrenewal.
Insurance refers to a contractual arrangement in which one party i e. 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. 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. Most insurance is provided by private corporations but some is provided by the government.
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. 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 instead of being repeated whenever the term is used. The policy conditions are usually stipulated in the coverage form of the insurance policy.
Referred to as the ìdec page î. 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. Deductible the amount of loss paid by the policyholder. Insurance companies collect the premiums for a certain type of insurance policy and use them to pay the few individuals who suffer losses that are insured by that type of policy.
Insurance policy the contents of an insurance contract. 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.
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