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An insurance policy is a contract which outlines an insurer’s obligations to a premium-paying party, known as the policy holder.What are the types of insurance policies?
There are two basic types of life insurance policies viz. Traditional Whole Life and Term Life Insurance. A whole life is a policy you pay till death of the policy holder and term life is a policy for a fixed amount of time.What is the definition of an insurance policy?
Insurance policy. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay.