About insurance policy

In a simple words, Insurance Policy means a contract between the insurer and the insured. In other words, policy is a document, which indicates the contract between an insurance company and insurer.

The insurer is a seller of policies and insured is a buyer of policies. So, we can say that the insurance company is a insurer and person is a insured. Generally, there are two types of insurance, first one is life insurance and the other is general insurance. An Insurance Policy is a written document. It contains the requirements, the insurance schedule, ability factors, benefits, conditions, guidelines that are applicable to the policy holder under the plan. It is completely a legal paperwork in which all possible details are mentioned.