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. 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.
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.A person or entity who buys insurance is known as an insured or as a policyholder.
Cash-value life insurance is a type of life insurance policy that pays out upon the policyholder's death, and also accumulates value during the policyholder's lifetime. The policyholder can use ...
Texas Department of Insurance Glossary of Common Insurance Terms. Español. NOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.
Loss assessment insurance, also called special assessment coverage, is an optional coverage that you can add to a condo insurance policy. It covers situations in which the unit owners in a condominium are financially responsible for a shared loss, so long as the issue was a covered peril.
Start studying Chapter 3 Life insurance policies, provisions options and riders. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
The easiest way to organize and review your insurance policies is to create a one-page policy summary for each policy. Most insurance policies contain a page in front of the insurance contract that is called a " declarations page" or "policy summary."It will contain most of the information you will want to review.
Some policies can have a year-long policy period and some carriers even offer a month to month policy period. Month to month policies are rare and are often reserved for high-risk drivers. The policy period will be listed on most of your documents, but you can also ask your car insurance agent what it is.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply.
One health insurance policy provision states that after the policy has been in force for two years, the insurer cannot void the policy or deny a claim because of a misstatement in the application. This provision is called the