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Simple English definitions for legal terms
mixed policy
Read a random definition: Statute of Frauds and Perjuries
A quick definition of mixed policy:
A mixed policy is a type of insurance policy that combines aspects of both a voyage policy and a time policy in marine insurance. An insurance policy is a contract between an insurer and a policyholder that details the terms of the agreement. There are many different types of insurance policies, such as accident policies, basic-form policies, and commercial general-liability policies. Insurance premiums are the payments made by the policyholder to the insurer for coverage, and insurance rating is the process by which the 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:
A mixed policy is a type of insurance policy that combines aspects of both a voyage policy and a time policy in marine insurance. It is a contract of insurance that details the terms and conditions of coverage.
For example, a mixed policy may cover a vessel or its cargo during a specified voyage, but also provide coverage for a certain period of time. This type of policy is useful for situations where the vessel may be at sea for an extended period of time, but also needs coverage for specific voyages.
Other examples of insurance policies include:
- Accident policy: insures against loss resulting directly from accidental bodily injuries sustained during the policy term.
- Homeowner's policy: provides coverage for a variety of risks, including loss by fire, water, burglary, and the homeowner's negligent conduct.
- Commercial general-liability 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 the different types of insurance policies available and the specific risks they cover.