Policies for life insurance specify whose life is insured and which beneficiaries will receive the insurance proceeds. homeowner’s insurance policies specify which property and casualty perils are covered.
Health insurance policies detail which medical procedures, drugs, and devices are reimbursed.
Auto insurance policies describe the conditions under which car owners will be covered in case of accidents, theft, or other damage to their cars.
Disability policies specify the qualifying conditions of disability and how long payments will continue.
Business insurance policies describe which liabilities are reimbursable. The policy is the written document that both insured and insurance company refer to when determining whether or not a claim is covered.
| Insurance Dividend, Insurance Claim | |
| Insurance Premium, Insurance Settlement |
Dictionary of Finance and Investment Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
