Respuesta :
A(n) Insurance policy is a contract between an individual and a company under which the company agrees to reimburse the individual for losses suffered by him or her according to specified terms.
What is Insurance policy?
- The insurance policy, which establishes the claims that the insurer is legally obligated to pay, is a contract between the insurer and the policyholder.
- For an up-front payment called as the premium, the insurer promises to repay losses inflicted on by risks covered by the policy language.
- Depending on the type of insurance, coverage may be offered for things like medical costs, car damage, property loss or damage, etc.
- An insurance policy's essential elements are the premium, policy limit, and deductible. When purchasing an insurance policy, the policy buyer should carefully inspect them.
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