INSURANCEPOLICY

Insurance policy

In insurance, the insurance policy is a contract between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.

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insurance policy

Noun

  1. A legal document outlining a particular insurance cover for an insured entity for a given risk.


The above text is a snippet from Wiktionary: insurance policy
and as such is available under the Creative Commons Attribution/Share-Alike License.

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