A legal document defining circumstances under which the insurer will pay, and the amount to be paid. Also see Insurance policy.
***
US: An insurance policy, cover note, certificate, or any other detailed evidence of coverage, including policy jackets, endorsements, audits, evidence of cancellation, and coverage parts.
***
Determines what insurance coverage is in place and determines the legal framework under which the content of an insurance policy is enforced.
***
Insurance is a contract by which one party in consideration of a price paid to him adequate to the risk becomes a security to the other that he shall not suffer loss, damage or prejudice by the happening of the perils, specified to certain things to which he may be exposed.”