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
Price an investor is willing to pay for a financial asset. ...
Coverage in the event an insured's negligent acts and/or omissions involving the construction of a new one- or two-family residential structure result in bodily injury and/or property ...
Exposures usually excluded from life and health insurance, or subject to a maximum limit if covered. ...
Coverage on an all risks basis for goods in transit, bailment, and while on the premises of others. ...
Insurance with two types of policies available: depositors forgery insurance; forgery and alteration. ...
Provides coverage during the construction of a bridge in the event of fire, lightning, collision, flood, rising water, windstorm, ice, explosion, and earthquake. This coverage is essential, ...
Costs incurred by an insurance company other than agent commissions and taxes; that is, mainly the administrative expense of running a company. ...
Agents' records showing when clients' policies expire. ...
Arrangement between two or more insurance companies under which the parties to the agreement waive their subrogation rights against the other. Most such agreements are no longer in use. ...
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