insurance policy
An "insurance policy" is a fundamental contract in the insurance industry, providing financial protection against specific risks or losses.
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Definition
B2Insurance
(technical, formal)A contract between an insured party and an insurance company detailing the terms of coverage, including covered risks, premiums, and benefits.
Example
- Before purchasing a home, it's crucial to review the insurance policy to understand what is covered.
- The insurance policy specifies the amount of compensation you will receive in case of an accident.
C1General
(figurative)Something that provides protection or a safeguard against potential problems.
Example
- Keeping a savings fund acts as an insurance policy against unexpected expenses.
Similar
Terms that have similar or relatively close meanings to "insurance policy":