Definition of Insurance Policy

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What is the Policy? It is the document where the insurance contract is established, the guidelines to be met are shown, in a general, particular or special way.  Regulating the convenient rules between the insurer and the insured. This is an insurance policy.

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 Types of insurance policies

 – Simple Policy: It is one in which only a specific guarantee is covered.

 -Police Combined (or Global): Coverage is granted to the insured for different risks that have a common sense (Combined Life Insurance and Transportation Insurance policy, combined insurance policy of Fire, Theft and Civil Liability, among others).

 -All Risk Policy (or Comprehensive): It is a policy designated to a specific insured object, all risks that may affect you are guaranteed jointly and simultaneously.  In Auto Insurance, a full-risk policy involves the coverage of frequent risks in the use of motor vehicles, such as civil liability against third parties, damage to the vehicle itself, theft and fire, criminal liability defense, among others.  It is a combined policy modality.

 According to the number of insured that guarantees

 -Police Individual: It is one in which there is only one insured person.

 -Police Collective (Group or Accumulated): It is where there are several people insured.

 By the way the policy holder is designated

 – Nominative Policy: It is the one that guarantees the person designated in it to that effect.

 -Policy to the Order: Protects the person in whose favor it is issued.

 – Policy to Carrier: It is the one where the guaranteed person is legitimately possessed.

 Other classes

 – Base Policy: It is called the original document and subscribed to a collective or floating policy.  The corresponding applications will be added to the base policy later.

 – Global Coverage Policy: This policy may be extended to all countries.

 – Estimated Policy: It is defined as an estimated insurance value.

 – Floating Policy (or Open): It is a policy that has special characteristics of the risk (constant variables of the insured object, modification of the covered capital, establishment of flexible guidelines by controlled variable variables, among others) is granted to the insured, within certain limits and prior recognition of certain conditions, an open guarantee in which increases or reductions may be established.

 – Policy Released (or Settled): It is the policy that according to certain conditions and foreseen circumstances, arrived at a certain moment, the insured is exonerated of the payment of successive premiums although the guarantees of the policy remain in force.

 -Polished Policy: It is that policy that has been for the issuance of a new one.

 – Rehabilitated Policy: It is called this way after having passed a lapse of suspension of guarantees, returns to acquire the validity in its effects, once resolved the causes that motivated said suspension.

 – Renewed Policy: It is a non-renewable temporary policy, and its maturity is issued as a new coverage of the same risk, with the same guidelines and for a new duration.

 -Policy in Suspension of Guarantees: Due to the non-fulfillment of certain circumstances (for example, non-payment of receipt, temporary disappearance of the risk, among other reasons), the guarantees established therein are temporarily without effect.

 – Temporary Policy: In it the coverage is limited to a pre-established period of time, normally less than one year.  An example of this type of contract would be the whole life insurance or temporary bonuses, under which, reached a certain date, the insured stops paying premiums although the compensation will be paid at the time of death.