insurance

What is a policy?

 

What is a policy?

The Bankrate.com financial term of the day is: "policy."

When you have insurance, you have a policy. It's a contract that details what you pay and the coverage that you receive -- in other words, the maximum amounts that the insurance company will be willing to give you if you suffer injury, loss or damage. 

With insurance, it's all about the policy, the written document that lays out your costs and coverage.

To compare insurance policies, get a quote by visiting the Insurance section at Bankrate.com.

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