Insurance policy

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Related to Policy, Insurance: 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.
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 ?
[However,] on an auto policy, insurance companies must provide a damage repair estimate in a timely fashion.
* With a mortgage life policy, insurance benefit must go to pay off the mortgage.
The four-day conference, attended by more than 300 professionals, was entitled "Shaping Our Future Together," and set out to explore in a positive, proactive environment of cooperation such topics as repertory, training, boards, marketing, funding, national policy, insurance, touring, and choreography.
Other subjects that received committee attention included: a review of federal mandates supported within the FAIR chapter of the National Municipal Policy, insurance company solvency issues, census, potential federal preemption of local tax authority, and family and medical leave.

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