Definition of insurance policy:
Formal contract document issued by the insurer to the insured. It applies (1) a compensation cover, (2) acts as a legal proof of the insurance agreement, (3) determines the exact conditions upon which compensation cover has been provided, and (4) related information Such as (A) specific risk and risk cover, (b) the period of coverage, (c) the amount of premium, (d) mode of premium payment, and (e) deductibles, if any.
Usage Examples of Insurance Policy
At any given time you will be taking a risky enterprise, taking insurance policy and protecting yourself is important.
I was looking at my insurance policy and wondering what it really meant, because there were some confusing things on it.
If you have your license and buy a car, then it is important to have an insurance policy by law if you experience some problems with the vehicle such as accident or theft.
Salary saving insurance:
An insurance policy paid by payroll deduction, which an employer intersects with the paycheck of the insured employee and directs it to the insurer.
Related Terms :-
Basic hospital plan
insurable interest
Housing line
Accident
Supplemental liability coverage
Rail Travel Policy
Like all other hazards
Premium loan
Salary saving insurance.
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