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Insurance Policy |
Also found in: Legal, Wikipedia | 0.03 sec. |
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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 The contents of an insurance contract. The policy describes the specific types of coverage (life, health, etc.), the restrictions that apply, and the applicable deductibles and premiums. Only the insurer makes legally enforceable promises in an insurance policy: the insurance company cannot legally compel the insured person to pay his/her premiums, but the insured person can sue to compel the insurer to provide coverage if it does not do so. All insurance policies, however, include a provision allowing the insurer to refuse coverage if the insured person does not pay the premiums. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Le Gierse, 312 US 531 (1941), the Supreme Court stated, "insurance involves risk-shifting and risk-distributing" The concept of risk-shifting and risk-distribution has become the basis of most court opinions considering whether a contract is an insurance contract for Federal tax purposes. In the other, the Court's result effectively rewrote the insurance contract between the parties and has negative implications with respect to the rights of insurance companies to require insureds to adhere to specific late notice provisions in the future in the absence of prejudice. To avoid conflicts of interest,Willis will accept a single payment only for an insurance contract at the time of placement and will fully disclose that payment to the client. |
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