Policy
/PAH-luh-see/
The contract between you and your insurance company.
Definition
An insurance policy is a legal contract that outlines the terms of your insurance coverage. It specifies what is covered, what is excluded, your deductibles, your premiums, and the policy limits. Policies also include conditions that both you and the insurer must follow.
Example
John reviewed his auto policy to understand exactly what collision damage was covered.
More General Terms Terms
The amount you pay for your insurance policy.
The amount you pay out-of-pocket before insurance kicks in.
A request for payment under your insurance policy.
The protection provided by your insurance policy.
The maximum amount an insurer will pay for a covered loss.
Something your insurance policy specifically does not cover.
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