What is insurance policy wording

Definition of 'policy wording' Policy wording is the terms and conditions and definitions of insurance coverage as they are written down in the insurance policy. Any ambiguity in an insurer's proposal form or policy wording will be construed against the insurer.

What is meant by an insurance policy?

An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.

What are the 4 parts of an insurance policy?

Every insurance policy has five parts: declarations, insuring agreements, definitions, exclusions and conditions. Many policies contain a sixth part: endorsements. Use these sections as guideposts in reviewing the policies.

What are the 5 parts of an insurance policy?

The five parts of an insurance policy are: declarations, insuring agreements, definitions, conditions, and exclusions.

What is insurance policy in one word?

Insurance is a legal agreement between two parties – the insurer and the insured, also known as insurance coverage or insurance policy. The insurer provides financial coverage for the losses of the insured that s/he may bear under certain circumstances.