Insurance policy

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Related to Insurance policies: Health Insurance Policies, Life Insurance Policies

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
In Letter Rulings 8121069(18) and 8133070,(19) the IRS approved as present interests transfers of life insurance policies to trusts for which only one withdrawal notice would be given.
TRA 86 also contains provisions to curb the systematic borrowing from life insurance policies to pay premiums, the cornerstone of leveraged life.
Run-on-the-Bank: Rush by policyholders or other contract holders to cash in their insurance policies or other contracts, such as annuities or funding agreements, very often causing a liquidity strain or more serious financial impairment at an insurance company.
Analysts said that insurance policies are so complicated that many people do not understand them.
Therefore, in April 2017, the NFIS Technical Committee on Insurance had taken up the matter with the NADRA to rationalize the verification cost for micro insurance policies. After extensive deliberations, the NADRA agreed to offer services at the reduced rate of Rs10 per verification.
Australians and Americans are the UAE's joint-third safest drivers -- just 6.9 per cent of drivers from these countries have made a claim on their insurance policies in the past year, the report said.
However, only about 2 percent of term life insurance policies actually pay out, according to Forbes magazine contributor Tim Maurer.
Article 775 of the Civil Procedure Code applies to insurance policies and provides that: "it shall not be permissible to challenge the insured neither with the conditions relating to nullity or loss of right unless it was clearly presented, nor the arbitration clause unless it was made in a special agreement independent of the general conditions."
The change will affect 7.3 million car policies, 4.7 million household policies, three million pet policies and three million private medical insurance policies, according to the Association of British Insurers (ABI).
The ABI said the change will affect 7.3 million car policies, 4.7 million household policies, three million pet policies and three million private medical insurance policies.
Of these, 1,126,325 is non-life insurance policies and the remaining 8.818 are life insurance policies.
The Saudi Arabian Monetary Agency (SAMA) has ordered insurance companies not to delay the cancelation of car insurance policies if requested by customers upon the sale of their cars, Al-Eqtisadiya reported recently, quoting a letter from SAMA.

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