What is an insurance policy

Insurance policy

  An insurance policy is defined as a document that clarifies the details of an agreement between the insured person and the insured person، and it is a contract whose goal is financial protection، and there is a specific policy between individuals and insurance companies، through which the individual obtains financial protection or financial compensation from the insurance company. In exchange for losses that he or his property may be exposed to، or as a result of his liability for damage or injury to another party، and the insurance policy is used; To reduce and prevent risk losses: small and large، bearing in mind that the purpose of the insurance policy can be insurance for life، cars، health، or home; In the United States of America، for example، we find that individuals own at least one of these insurances، and car insurance is considered a necessary legal matter، and it is worth noting that every insurance company has a special policy with regard to the insurance policies that it issues.

  The insurance policy is also considered an official document from the insurance company for the insured، so that the compensation cover for the insured becomes effective. It can be covered by insurance، the duration of coverage، the method of paying premiums، and their value، and the insurance policy is issued as soon as individuals agree on the insurance process، which contains all the conditions، in addition to specifying all data related to insurance