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Policy

A term referring to the contract that begins insurance coverage and any attached forms.
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A written contract of insurance between the insurer and the policyholder. It is typically composed of a declarations page, policy form, and endorsements or riders that amend the policy form.
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UK: any document containing written evidence of the contract between the insurer and the insured; if the full terms of the contract are located in more than one document, all relevant documents taken together constitute the policy.
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Contract of Insurance are evidenced in the form of policies. Policy is a printed document issued to the insured by the Company stating the terms of the Insurance contract. This is a written contract of Insurance between an Insurance Company and the Policy holder.
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MEDICAL,USA: Printed document that is a legally enforceable agreement stating the conditions and terms of the insurance contract between an individual or organization and the insurance company that is issued to the policyholder by the company; also referred to as insurance contract and policy .
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MEDICAL,USA,REFERENCE See: insurance policy.
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US: The printed legal document stating the terms of the insurance contract that is issued to the policyholder by the company. A contract of insurance. The legal document issued by the company to the policyholder, which outlines the conditions and terms of the insurance; also called the policy contract or the contract.
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The wording of a contract of insurance or reinsurance.
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The written contract of insurance.
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UK: Written evidence of the contract between the insurer and the insured. Under the contra proferentem rule ambiguity will be construed against the insurer as the document writer.

Policy advisory group

Generic name for many work groups at Workgroup on Electronic Data Interchange (WEDI) and elsewhere. WEDI is a subgroup of the Accreditation Standards Committee X12 that has been involved in creating electronic data interchange standards for insurance billing transactions.

Policy anniversary

MEDICAL,USA,REFERENCE: See: anniversary date.
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The anniversary of the date a policy began. This information is usually listed within the policy’s declarations page.
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The anniversary of the date of issue of a policy as show in the policy declarations.

Policy conditions

The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal. The policy conditions are usually stipulated in the coverage form of the insurance policy.

Policy dividend

A dividend paid to the policy holder, made up of a fraction of the premium he or she has paid. It is intended to signify the disparity between the gross premium amount and the actual cost of the policy.