MONDAY, SEPTEMBER 30, 2013
The Insurance Policy
- is a legally binding contract between the "named insured" (the policyholder) and the "insurer" (the insurance company writing the policy)
- spells out exactly what the insurance company agrees to do in exchange for the premium paid by the insured
- describes the responsibilities of the insured and the insurer and the general terms of coverage
- is divided into two basic sections: 1) a declarations page (sometimes referred to as the "dec" page) and 2) the policy itself
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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