Policy
What is it? A policy is a contract that sets forth the rights and obligations of both a policyholder and an insurance company. The policyholder pays a premium and in exchange, the insurance company promises to pay for losses covered in the policy. Like all contracts, an insurance policy is valid only if both parties are competent to sign it - - youre not legally competent if youre a minor, for example - - and it doesnt cover anything thats illegal; you cant insure a shipment of narcotics.Added By: Kyle
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