Legal Definitions - standard policy

A standard policy is a contract of insurance that outlines the terms and conditions of the insurance agreement. It can also refer to the document that details the contract.

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

These examples illustrate how different types of insurance policies fall under the umbrella of a standard policy. Each policy has its own specific terms and conditions, but they all share the commonality of being a contract of insurance.