Insurance Policy Document Definition
Least expensive alternative treatment leat.
Insurance policy document definition. Formal contract document issued by an insurance company to an insured. The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement property valuation other insurance subrogation rights and cancellation and nonrenewal. In insurance the insurance policy is a contract generally a standard form contract between the insurer and the insured known as the policyholder which determines the claims which the insurer is legally required to pay.
Policy schedule is also known as a schedule of insurance. Insurance document definition in the english cobuild dictionary for learners insurance document meaning explained see also insurance adjuster life insurance national insurance insure english vocabulary. Insurance documents means and includes insurance policies insurance contracts and third party insurer or insurance agent invoices for the specific coverages and insurance amounts required of service provider in this agreement if this agreement permits service provider to obtain and maintain certain coverages under blanket policies insurance documents additionally includes the method of.
The policy conditions are usually stipulated in the coverage form of the insurance policy. 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. Business usu n n you are advised to read the small print of household and motor insurance policies.
A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. It 1 puts an indemnity cover into effect 2 serves as a legal evidence of the insurance agreement 3 sets out the exact terms on which the indemnity cover has been provided and 4 states associated information such as the a specific risks and. Insurance policy definition is a document that contains the agreement that an insurance company and a person have made.
While they are easy to overlook the definitions are important as they establish the meanings of key terms in the policy.
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