Bharti AXA INSURANCE GLOSSARY Policy A document that details out all the terms and conditions of insurance coverage provided is called a policy. It is the contract between the insurer and the policyholder that determines which claims the insurer is required to pay in exchange of the premium paid at the onset of coverage. An insurance policy is generally considered a contract of adhesion as the insurer draws up the contract and the insured has very little ability to make any changes to the policy. Therefore, in case of any ambiguity in the terms of the contract the insurer will have to bear the burden of the same. Typically, courts apply reasonable expectations about the contract rather than interpreting the ambiguities. It is also an aleatory contract as the amounts exchanged by the insured and the insurer are unequal, and depend on uncertain events. Further, only the insurer makes enforceable promise in such contracts. As the insured is not obliged to pay the premium, but the insurer will have to provide the benefits if the premium is paid. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.