JumpySubsequentDolphin
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LSDefine
Simple English definitions for legal terms
specific policy
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A quick definition of specific 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. The insurance company will charge you a fee, called a premium, for the policy. The amount of the premium depends on many factors, like how risky the insurance company thinks you are.A more thorough explanation:
A specific policy is a type of insurance policy that provides limited coverage against loss. It can refer to a basic-form policy that covers damages from fire, windstorm, explosion, riot, aircraft, vehicles, theft, or vandalism. It can also refer to a limited policy that specifically excludes certain classes or types of loss.
For example, an accident policy is a specific policy that insures against loss resulting directly from accidental bodily injuries sustained during the policy term. A bailee policy is a specific policy that covers goods in a bailee's possession but does not particularly describe the covered goods.
These examples illustrate how a specific policy provides coverage for a specific type of loss or risk, rather than offering broad protection with few limitations like a broad-form policy or an open-perils policy.