Simple English definitions for legal terms
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A standard policy is a contract between an insurance company and a policyholder that outlines the terms of the insurance coverage. It can be a document that details the agreement or the agreement itself. There are different types of policies, such as accident policies that cover bodily injuries resulting from accidents, and homeowner's policies that cover various risks, including fire, water damage, and burglary. Insurance companies use a process called insurance rating to determine the policy premium, which is the amount the policyholder pays for the coverage.
A standard policy is a contract of insurance that outlines the terms and conditions of the insurance agreement. It can also refer to the document that details the contract.
These examples illustrate how different types of insurance policies fall under the umbrella of a standard policy. Each policy has its own specific terms and conditions, but they all share the commonality of being a contract of insurance.