car insurance

What is the insurance policy

insurance policy

Insurance policy is defined as a policy that clarifies the details of an agreement between the insured

person and the insured person, a contract whose purpose is financial protection, and where a particular

policy is between individuals, Insurance companies, through which an individual receives financial

protection, or financial compensation from the insurance company s property, or as a result of its liability

for damage or injury to another party, and the policy is used; to limit and prevent risk losses:

small, large, and the purpose of the policy can be life, car, health or home ; In the

United States of America, for example, individuals own at least one of these , and car

is a legal imperative. It is worth mentioning that each company has a special policy in relation

to its insurance policies.

The insurance policy is also an official policy of the insured company. compensation cover

“, so that the insured person is in possession of the execution, It serves as a legal guide to the Agreement, specifying the conditions that cover compensation. like the amounts paid by the

company, and it also identifies the risks that can cover, The period of coverage, the method of

payment of premiums, the value of the premiums, the issuance of the policy is done by the

abstract of the individuals’ agreement on the process, All insurance-related data are identified.

The insurance policy is also an official policy of the insured company. compensation cover

“, so that the insured person is in possession of the execution, It serves as a legal guide to the

Agreement, specifying the conditions that cover compensation. like the amounts paid by the

company, and it also identifies the risks that can cover, The period of coverage, the method of

payment of premiums, the value of the premiums, the issuance of the policy is done by the

abstract of the individuals’ agreement on the process, All insurance-related data are identified.

policies vary according to the subject matter of ; What is insured, the purpose of

insurance and the risks it covers, knowing that there are policies issued in the insured person’s

own interest; They are individual policies, including life policies, in which a husband

contracts in his wife’s interest if he dies in addition to the fact that there are some kind of

policies called composite policies, Such a type of document covers more than one type of

hazard. “, such as comprehensive car , is considered more economically than

individual policies that cover only one risk And there are collective insurance policies that cover

a group of people who have the same conditions against risk, such as: workers, students, peasants.

Insurance Policy Components

There are three important elements that must be found in the insurance policy.

Premium Insurance:

Premium: The price that is determined by the company is usually paid in monthly instalments.

Here, insurance companies vary in terms of the prices they offer to the insured person, as does the rate,

as it depends on the risks to which the insured person may be exposed.

maximum

The maximum amount payable by the insured shall be set to cover the losses covered and the period of

payment which may be life, or a fixed period, shall be fixed.

deductible

This is an amount paid by the policyholder from his own account, before the insurer’s claim.

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