The document which lays down the terms of the contract of the insurance is called ________.
The document which lays down the terms of the contract of the insurance is called Policy.
In insurance, a policy is a document that outlines the terms and conditions of the insurance contract between the insured (the policyholder) and the insurer (the insurance company).
The policy typically includes information such as the type of coverage being provided, the amount of coverage, the premium to be paid by the insured, any deductibles or exclusions, and other terms and conditions of the insurance contract.
The policy is a legally binding document, and both the insured and the insurer are expected to comply with the terms and conditions outlined in the policy.
In the event of a claim, the policy will be used as a reference to determine whether the claim is covered under the terms of the policy, and how much compensation the insured is entitled to receive from the insurer.