Comprehensive Policy
Definition of "Comprehensive policy"
Combination of several coverages to protect the insured. For example, the comprehensive health insurance policy combines the basic hospital plan with major medical insurance to cover medical expenses (room, board, surgical, and physician expenses) and miscellaneous expenses (surgical dressings, drugs, ambulance services, blood, and operating room). Many policies have a maximum lifetime limit of $1 million for the insured and for each member of the insured's family who is a dependent resident of the insured's household. The comprehensive personal liability insurance policy covers the insured for just about any negligent act or omission that results in property damage or bodily injury to another party, subject to the exclusions of automotive liability and professional liability. The special multiperil insurance (SMP) policy provides the business owner with comprehensive property damage coverage on an all risks basis.
Popular Insurance Terms
Specifications dealing with exclusions, policy requirements, cancellations and related matters. Perils Most policies exclude enemy attack, invasions, insurrection, rebellion, revolution, ...
Record of ordinary policies that a combination agent is responsible for servicing. ...
Prepaid legal insurance coverage plan sold on a group basis. Entitles a group member to a schedule of benefits, at a stipulated premium, for adoptions, probates, divorces, and other legal ...
Policy of variable universal life insurance (VUL) under which, if the accumulation of the premiums paid at any point in time (minus policy loans, and withdrawals) equals or exceeds the ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
Dollar ceiling on a life insurance policy for applicants who are not given a medical examination. The insurer accepts a health questionnaire in the place of a physical examination. At one ...
Statute that makes it illegal in most states for an agent to rebate (return) any portion of his commission as an inducement for an applicant to purchase insurance from him. ...
Accounting rule found under the Generally Accepted Accounting Principles (GAAP) that prohibits the insurance company from restating assumptions that it made for interest earned, expenses ...
Institutional investment sold by life insurance companies that guarantees principal and offers withdrawal flexibility. This conservative investment, which can be used with a corporate ...
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