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Simple English definitions for legal terms
master policy
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A quick definition of master policy:
A master policy is a type of insurance policy that covers a group of people or things under one plan. It's like a big umbrella that protects everyone or everything underneath it. There are many different types of insurance policies, like ones that cover accidents or property damage. Insurance companies use a process called rating to decide how much to charge for a policy. The Insurance Services Office is a group that helps insurance companies make decisions and provides information to people who need it.A more thorough explanation:
Master Policy
A master policy is a type of insurance policy that covers multiple insured individuals under a group insurance plan. It is a contract of insurance that details the terms and conditions of the coverage.
- A group of employees at a company may be covered under a master policy for health insurance.
- A landlord may have a master policy that covers all of the rental properties they own.
These examples illustrate how a master policy can provide coverage for multiple individuals or properties under a single policy.