Simple English definitions for legal terms
Read a random definition: GMI
Face of policy: The term "face of policy" refers to the amount of money that an insurance policy will pay out in the event of a claim. It is also known as the face amount or face value. The face of policy is the maximum amount that the policyholder can receive, regardless of the actual cost of the loss or damage. For example, if a policy has a face value of $100,000, the insurance company will pay out up to $100,000 for any covered claim.
Definition: The term "face of policy" refers to the amount of money that an insurance policy will pay out in the event of a claim. It is also known as the "face amount" or "face value" of the policy.
Examples:
These examples illustrate how the face of policy represents the maximum amount of money that an insurance policy will pay out in the event of a claim. It is important for policyholders to understand the face value of their policies so that they can ensure they have adequate coverage for their needs.