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Simple English definitions for legal terms
flyer policy
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A quick definition of flyer policy:
Flyer policy is a type of insurance policy that is used to cover loss resulting from accidental bodily injuries sustained during the policy term. It is one of many different types of insurance policies, each with their own specific coverage and limitations. Insurance policies are contracts between an insurer and a policyholder, and they detail the terms and conditions of the coverage being provided. Insurance premiums are paid by the policyholder to the insurer in exchange for the coverage provided by the policy. Insurance rating is the process by which an insurer determines the policy premium for a particular risk. Insurance Services Office is a nonprofit organization that provides analytical and decision-support services and tools to the insurance industry.A more thorough explanation:
Definition: An insurance policy is a contract between an insurer and a policyholder that outlines the terms and conditions of the insurance coverage. It can be a document that details the contract or the contract itself.
Examples:
- Accident policy: This type of policy provides coverage against losses resulting from accidental bodily injuries sustained during the policy term.
- Homeowner's policy: This policy provides coverage for a variety of risks, including loss by fire, water, burglary, and the homeowner's negligent conduct.
- Commercial general-liability policy: This policy covers most commercial risks, liabilities, and causes of loss, including situations in which a business is liable to a third party for personal injury or property damage.
These examples illustrate how an insurance policy is a contract that outlines the terms and conditions of the insurance coverage. Each policy provides coverage for specific risks and losses, and the policyholder agrees to pay premiums in exchange for that coverage.