MANAGEMENT

Detailed explanation-1: -1) An insurance policy is a contract between the insurer and the insured. 2) The insured is the person whose life is being covered against the risk under the policy.

Detailed explanation-2: -An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company’s responsibilities if a loss occurs.

Detailed explanation-3: -A document containing terms and conditions of insurance contract is called policy.

Detailed explanation-4: -The Principle of Indemnity The insurer (provider) compensates the insured (policyholder). The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.

Detailed explanation-5: -Insurance policy document is proof of insurance. It is a formal legal document that is used as a legal binding for the insurance contract. The policy document is the evidence of the insurance contract and contains all the terms and conditions.