Insurance Policy Period Definition
The start date and end date are the cutoff dates on your documentation payments and coverage unless you renew the policy.
Insurance policy period definition. Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing. Insurance premiums are paid for policies that cover healthcare auto home life and others. However to the extent that coverage under this policy replaces coverage in other policies terminating at noon standard time on the inception date of such coverage.
In exchange for an initial payment known as the premium the insurer promises to pay for loss caused by perils covered under the policy language. The term of duration of the policy. In insurance the insurance policy is a contract generally a standard form contract between the insurer and the insured known as the policyholder which determines the claims which the insurer is legally required to pay. A general term used to describe all contracts of insurance.
All car insurance policies have a defined policy period which is the time during which the policy is effective. It is important to know what your policy period is so you know when your car insurance ends. Read on to discover the definition meaning of the term policy period to help you better understand the language used in insurance policies. It is commonly found in disability and business interruption insurance.
An insurance premium is the amount of money an individual or business must pay for an insurance policy. Looking for information on policy period. The general principles by which a government is guided in its management of public affairs or the legislature in its measures. This is because these policies limit the benefit period after a covered loss has occurred.
Click to go to the 1 insurance dictionary on the web. The policy period encompasses the time between the exact hour and date of policy inception and the hour and date of expiration.
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