Simple English definitions for legal terms
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Definition: An insurance policy is a contract between an insurer and a policyholder that outlines the terms and conditions of the insurance coverage. It can be a document that details the contract or the contract itself.
Examples:
These examples illustrate how an insurance policy is a contract that outlines the terms and conditions of the insurance coverage. Each policy provides coverage for specific risks and losses, and the policyholder agrees to pay premiums in exchange for that coverage.