MANAGEMENT

Detailed explanation-1: -A document containing terms and conditions of insurance contract is called policy.

Detailed explanation-2: -Insurance policy document is a reference document that contains all information regarding cover, insured, insurance company, premium paid, risk covered, and sum assured. The document is issued by the insurance company to outline their terms on which the document is issued.

Detailed explanation-3: -In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.

Detailed explanation-4: -Definition: Proposal form is the most important and basic document required for life insurance contract between the insured and insurance company.