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 ?
then, despite the attachment of the Standard Explosion Endorsement to the Policy, any Loss or Damage or Expenses or Cost to the Subject-matter of Insurance would be deemed excluded from Coverage of the Fire Insurance Policy.
Respected civil law jurists, such as Sanhouri, are of the view that an arbitration clause in an insurance policy should be set out in the policy in such a way as to obtain special attention from the insured/beneficiary, so as to ensure that the insured/beneficiary is aware of the inclusion of the arbitration clause and therefore such clause should be separated from the insurance policy.
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.
To be sure, there are a few instances where there's no advantage to be gained by shielding a life insurance policy in a trust.
By viewing a life insurance policy as a current asset, the insured can now access funds - the death benefits - virtually immediately as a living benefit.
Before Christi's accident, the Atkins had no idea their daughter was not covered by a workers comp insurance policy.
If the cash component of a life insurance policy has lost value, financial experts suggest that it is in the consumer's best interest to stay with the current carrier or utilize available options to convert whole or universal life insurance policies into term without suffering penalties or taking the risk of losing coverage.
Alternatively, D&O policies should guarantee severability of representations in both the application and the insurance policy to protect and preserve coverage for innocent directors and officers.
Example 1: An ILIT holding a whole life insurance policy receives a $10,000 premium each year, but the CSV at the beginning of year 10 is only $30,000.
Whoever receives a commission paid by an insurance company for the sale of an insurance policy needs an insurance license.

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