Insurance Policy Is Definition
Either a specified dollar amount a percentage of the claim amount or a specified.
Insurance policy is 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. Least expensive alternative treatment leat. 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.
In defining the scope of coverage insurance policies rely on terms and phrases that have very special and often very specific meanings. Deductible the amount of loss paid by the policyholder. 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.
Insurance refers to a contractual arrangement in which one party i e. Referred to as the ìdec page î. Most insurance is provided by private corporations but some is provided by the government.
The insured by paying a definite amount in exchange for an adequate consideration called as premium. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e. 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.
The policy conditions are usually stipulated in the coverage form of the insurance policy. Insurance policy definition is a document that contains the agreement that an insurance company and a person have made. 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 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. Formal contract document issued by an insurance company to an insured. 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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