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
Account established to manage the assets of a minor. This account is under the auspices of a custodian (either an individual or an institution). The gift tax exclusion would apply on any ...
Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
In insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
Association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics. ...
Technique designed to permit the exchange of a life insurance policy that has an outstanding loan charged against it for another life insurance policy on a tax-free basis. The procedure is ...
Standard set under the occupational safety and health act that sets allowable levels of worker exposure to such toxic substances as asbestos, certain chemicals, and radiation. In many cases ...
Single policy on the insured's property for: two or more different kinds of property in the same location; same kind of property in two or more locations; two or more different kinds of ...
Coverage to indemnify an owner for whom work was done if the completed work is not free of worker's liens for labor and material. ...
Legal decision wherein proceeds of a life insurance policy on which the decedent's corporation paid the premiums within three years of his or her death are not includable in the decedent's ...
Have a question or comment?
We're here to help.