Insurance policy


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Related to Insurance policy: Life insurance policy, Health Insurance Policy

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.
References in periodicals archive ?
Premiums--the price of an insurance policy, typically charged annually or semiannually--are fixed, so they remain level throughout the policy's lifetime.
Instead of tying up funds in a reserve to pay for these losses, a company can purchase a finite risk insurance policy, release the funds in the reserve and take the liability off its books.
Allow your broker to design a program around your current needs, not your existing insurance policy.
When deciding whether or not to shield an insurance policy in a trust, don't base your decision exclusively on your current circumstances, which may change over time.
Nearly every type of life insurance policy qualifies for a viatical settlement, providing it's been in force for at least two years.
The irony should be apparent: Because employers like Christi's refuse to spend just hundreds of dollars a year on a workers comp insurance policy, taxpayers end up spending millions of dollars a year on their employees' medical bills.
For example: At just $40/month, a 45-year-old male, who is a non- tobacco user and is in good health can enjoy the protection of a $250,000 term life insurance policy offers -- while a 45-year-old male tobacco user who has a poor health history could pay up to $130/month in premiums for one year for a similar term life insurance policy.
The life insurance policy is a financial asset, like a house, or stocks or bonds, he said.
If an ILIT holds only a term life insurance policy that pays premiums monthly, the policy's value (and, thus, the trust's value) is arguably zero at the end of each month (when a premium becomes due again).
Whoever offers advice for a fee on an insurance policy that is unconnected with the purchase of a policy needs to have a life policy analyst license.
Now it's time to buy a life insurance policy to protect your loved ones or investments in the event of your untimely demise.
McClendon's other insurance policy is assigned to the ministry.

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