In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and 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 contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.[1]
The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer.[2]: 10 In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract.[2]: 11 One insurance textbook states that generally "courts consider all prior negotiations or agreements ... every contractual term in the policy at the time of delivery, as well as those written afterward as policy riders and endorsements ... with both parties' consent, are part of the written policy".[3] The textbook also states that the policy must refer to all papers which are part of the policy.[3] Oral agreements are subject to the parol evidence rule, and may not be considered part of the policy if the contract appears to be whole. Advertising materials and circulars are typically not part of a policy.[3] Oral contracts pending the issuance of a written policy can occur.[3]
^Mowbray, Albert H.; Blanchard, Ralph H. (1961). Insurance: Its Theory and Practice in the United States (5th ed.). New York: McGraw-Hill. pp. 48, 51, 71. Available through HeinOnline.
^ abWollner KS. (1999). How to Draft and Interpret Insurance Policies. Casualty Risk Publishing LLC.
^ abcdPorter K. (2007). The Legal Environment of Insurance, §5.17. AICPCU.
In insurance, the insurancepolicy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims...
policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed...
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurancepolicy holder and an insurer or assurer...
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles...
insurance that covers a private residence. It is an insurancepolicy that combines various personal insurance protections, which can include losses occurring...
includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment".: 225 A health insurancepolicy is: A contract...
sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojana, and cattle insurancepolicy. HDFC Ltd. And ERGO International AG formed...
("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding...
any break in employment the policy can be converted to base policy from TOP UP policy. It is an all-inclusive insurancepolicy that offers coverage against...
pay policies which may be paid up in 10 years, 20 years, or at age 65. Whole life insurance belongs to the cash value category of life insurance, which...
Life Insurance Corporation of India (LIC) is an Indian public multinational public sector life insurance company headquartered in Mumbai. It is India's...
Umbrella insurance is a kind of liability insurance. It typically applies when liability exceeds the limits of other policies, although it may also serve...
General insurance or non-life insurancepolicy, including automobile and homeowners policies, provide payments depending on the loss from a particular...
specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured...
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are...
insurance carrier has the duty (and right) to defend the insured. The legal costs of a defence normally do not affect policy limits unless the policy...
Warburg Pincus. The same year, the company partnered with PolicyBazaar to sell travel insurance to overseas travellers and announced Bancassurance tie-Up...
of the covered individual unless the policy is allowed to lapse due to failure to pay premiums. Term insurance is not generally used for estate planning...
different countries, such as Canada and India. Additionally, group insurancepolicies can be either compulsory or voluntary, each with specific underwriting...
The history of insurance traces the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile...
while they are located within that individual’s home. Some contents insurancepolicies also provide restricted cover for personal possessions temporarily...
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurancepolicy which compensates lenders or investors in mortgage-backed...
life insurance (often shortened to UL) is a type of cash value life insurance, sold primarily in the United States. Under the terms of the policy, the...
the insurancepolicy. To quantify loss, a representative from the insurance company assesses the damage. In a parametric insurancepolicy, insurance companies...
liability insurance is a broad type of insurancepolicy which provides liability insurance for general business risks. In the United States insurance market...
by a more general liability insurancepolicy which addresses more direct forms of harm. Professional liability insurance may take on different forms and...
Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally...
limit for purchasing health insurancepolicies.Earlier, 65 years was the age limit for buying new health insurancepolicies IRDAI is a 10-member body including...