Insurance Policy

Definition

Insurance Policy. A contract document that

1. puts an indemnity cover into effect,
2. serves as a legal evidence of the insurance agreement,
3. sets out the exact terms on which the indemnity cover has been provided, and
4. states associated information such as the
   1. specific risks and perils covered,
   2. duration of coverage,
   3. amount of premium,
   4. mode of premium payment, and
   5. deductibles, if any

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.