MANAGEMENT

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

Detailed explanation-2: -A policy is considered to be a contract between the insurance company and the policyholder. Conversion privilege-The right to change (convert) insurance coverage from one type of policy to another. For example, the right to change from an individual term insurance policy to an individual whole life insurance policy.

Detailed explanation-3: -Policy document is the evidence of the insurance contract. and is a detailed document which mentions all the terms and. conditions of the insurance.

Detailed explanation-4: -The Insuring Agreement This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.