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Sagot :
Every insurance policy is divided into five sections: declarations, insuring agreements, definitions, exclusions, and conditions. A popular sixth section of policy is endorsements.
How can people control transferable financial risk?
An insurance policy is most frequently used to transfer risk. This is a voluntary agreement between the insurance company and the policyholder under which the insurance company accepts the policyholder's strictly defined financial risks.
What is the coverage's description?
Your insurance policy is fully described in a document called the "Description of Coverage" (DOC). It defines key terms, describes the plan's characteristics and benefits, as well as its coverage policies and exclusions (what is not covered).
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