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LSDefine
Simple English definitions for legal terms
flier policy
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A quick definition of flier policy:
An insurance policy is a contract between you and an insurance company. It's a document that explains what the insurance company will cover if something bad happens to you or your property. There are many different types of insurance policies, like ones that cover accidents, property damage, or even life insurance. Insurance companies use a process called rating to decide how much you should pay for your policy, which is called a premium. Sometimes, several insurance companies will work together in a group called an insurance pool to share the risk of covering certain things.A more thorough explanation:
A flier policy is a type of insurance policy that is issued at a very low rate near the end of the year for the purpose of swelling the insurance agent's annual-sales figures. It is also known as a flyer policy.
For example, an insurance agent may offer a flier policy to a customer at a discounted rate to meet their sales target for the year. The policy may have limited coverage and may not be suitable for the customer's needs, but it is offered at a low price to increase sales.
Overall, a flier policy is a marketing strategy used by insurance agents to increase their sales figures by offering policies at a discounted rate.