INSURANCE POLICY

An insurance policy is a well defined contract which clearly describes the terms and conditions, applicable premium, specifications of the extent of coverage and the heads under which the deductions will be made. It is an entirely legal document in which all possible details are mentioned.
Insurance policies can be of various types; ranging from life insurance to medical to non-life general insurance. They all have certain similarities and of course, dissimilarities.
The policies are the basic framework on which the whole contract between the client and the insurance company is based. It may be regarded as the backbone of the entire contract. This ensures that in case of default by any one party, s/he would be subjected to legal consequences.