Asked by Alexis Locklear on Jun 16, 2024
Verified
In insurance law, a(n) _____ is a contract for insurance coverage. It spells out the precise terms and conditions as to what will and will not be covered under the contract.
A) premium
B) policy
C) binder
D) agreement
Insurance Coverage
Protection provided by an insurance policy against financial losses from specific risks or events.
Contract
A contract that is enforceable by law, detailing the responsibilities and rights among two or more entities.
- Understand the principal ingredients and actors involved in insurance contracts.
Verified Answer
MG
Murad GhaidanJun 18, 2024
Final Answer :
B
Explanation :
A policy in insurance law is the correct term for a contract that outlines the terms, conditions, and scope of coverage provided by the insurer to the insured.
Learning Objectives
- Understand the principal ingredients and actors involved in insurance contracts.