Legal Definitions - flyer policy

Definition: An insurance policy is a contract between an insurer and a policyholder that outlines the terms and conditions of the insurance coverage. It can be a document that details the contract or the contract itself.

Examples:

• Accident policy: This type of policy provides coverage against losses resulting from accidental bodily injuries sustained during the policy term.
• Homeowner's policy: This policy provides coverage for a variety of risks, including loss by fire, water, burglary, and the homeowner's negligent conduct.
• Commercial general-liability policy: This policy covers most commercial risks, liabilities, and causes of loss, including situations in which a business is liable to a third party for personal injury or property damage.

These examples illustrate how an insurance policy is a contract that outlines the terms and conditions of the insurance coverage. Each policy provides coverage for specific risks and losses, and the policyholder agrees to pay premiums in exchange for that coverage.