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
Insurance company that has the authority to assess or charge its policyholders for losses that the company is incurring. This company is sometimes called stipulated premium company or ...
Same as term Tabular Plans: retrospective rating system with basic, minimum, and maximum premium rates listed in manual tables. Calculation of an individual premium involves adjusting the ...
Actual morbidity experience of an insured group as compared to the expected morbidity for that group. ...
Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
One of the major underwriting organizations for insurance company pools insuring commercial aircraft liability exposure. ...
Time limit on the deferred ownership of property such that, 21 years after the property owner dies, the deferred ownership of that property terminates. ...
Coverage to pay basic expenses for an insured and his or her family in states with no fault automobile insurance. No-fault laws generally require drivers to carry both liability insurance ...
Measurement of income received by households from employment, self-employment, or investment and transfer payments, as provided monthly by the United States Department of Commerce. ...
Dividend paid in addition to the regular dividend on a participating insurance policy. ...
Have a question or comment?
We're here to help.