Insurance Policy Period Definition
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.
Insurance policy period definition. Read on to discover the definition meaning of the term policy period to help you better understand the language used in insurance policies. 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 policy period encompasses the time between the exact hour and date of policy inception and the hour and date of expiration.
The term of duration of the policy. A general term used to describe all contracts of insurance. 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. It is commonly found in disability and business interruption insurance.
It is important to know what your policy period is so you know when your car insurance ends. Insurance premiums are paid for policies that cover healthcare auto home life and others. The start date and end date are the cutoff dates on your documentation payments and coverage unless you renew the policy. An indemnity period is a specified amount of time during which an insured can receive benefits from an insurance policy.
The general principles by which a government is guided in its management of public affairs or the legislature in its measures. Looking for information on policy period. Click to go to the 1 insurance dictionary on the web. Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere.
An insurance premium is the amount of money an individual or business must pay for an insurance policy. Policy period means the period of time from the inception date shown in item 3 of the declarations to the earlier of the expiration date shown in item 3 of the declarations or the effective date of cancellation of this policy.
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