noun a contract in which an individual or entity receives financial protection or reimbursement against losses from an insurance company
In finance, an insurance policy is considered an asset that can be used as collateral for loans or other financial transactions.
In healthcare, insurance policies provide coverage for medical expenses and treatments, ensuring that individuals have access to necessary healthcare services.
In legal contexts, insurance policies are often subject to interpretation and litigation in cases of disputes between the insurer and the insured.
In risk management, insurance policies are used as a tool to transfer the financial risk of potential losses from individuals or businesses to insurance companies.
In the insurance industry, an insurance policy is a contract between the insurer and the insured that outlines the terms and conditions of the insurance coverage.
A writer may purchase an insurance policy to protect their intellectual property, such as copyrights and trademarks, as well as to provide liability coverage in case of defamation claims.
A psychologist may obtain professional liability insurance to protect themselves from malpractice lawsuits or other claims arising from their practice. They may also purchase business insurance to cover their office space and equipment.