Every insurance policy is divided into five sections: declarations, insuring agreements, definitions, exclusions, and conditions. A popular sixth section of policy is endorsements.
An insurance policy is most frequently used to transfer risk. This is a voluntary agreement between the insurance company and the policyholder under which the insurance company accepts the policyholder's strictly defined financial risks.
Your insurance policy is fully described in a document called the "Description of Coverage" (DOC). It defines key terms, describes the plan's characteristics and benefits, as well as its coverage policies and exclusions (what is not covered).
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