Insurance Glossary

Policy

General

Definition

The written contract between the insurer and insured that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.

Was this definition helpful?

Related Terms

Coverage
The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.
Premium
The amount paid by the policyholder to the insurance company for coverage, typically on a monthly, quarterly, or annual basis.
Endorsement
A written amendment or addition to an insurance policy that modifies the coverage, terms, or conditions.
Accident
An unexpected event or circumstance without deliberate intent that results in injury, damage, or loss.
Deductible
The amount you must pay out-of-pocket before your insurance coverage begins to pay for covered losses.
Exclusion
Specific conditions, circumstances, or types of losses that are not covered by an insurance policy.
Grace Period
A specified period after a premium payment is due during which the policy remains in force without penalty.
Explore More