Policy in United States

Policy Definition

In insurance. The Instrument whereby insurance is made by an underwriter in favor of an assured, expressed, implied, or intended, against some risk, peril, or contingency in reference to some subject. It is usually either marine, or against fire, or on a life.
(1) An interest policy is one where the insured has a real, substantial, assignable interest in the thing insured.
(2) An open policy is one on which the value is to be proved by the assured. 1 Phil. Ins. §§ 4, 6, 7, 27, 439, 948, 1178. By an “open policy” is also sometimes meant, in the United States, one in which an aggregate amount is expressed in the body of the policy, and the specific amounts and subjects are to be indorsed from time to time. 12 La. Ann. 259; 19 N. Y. 305; 6 Gray (Mass.) 214.
(3) A valued policy is one where a value has been set on the ship or goods insured, and this value inserted in the policy in the nature of liquidated damages. In such a policy, the value of the subject is expressly agreed, or is, as between the parties, the amount insured.
(4) A wager policy is a pretended insurance, founded on an ideal risk, where the insured has no interest in the thing insured, and can therefore sustain no loss by the happening of any of the misfortunes insured against. These policies are strongly reprobated. 3 Kent, Comm. 225.

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In insurance. The Instrument whereby insurance is made by an underwriter in favor of an assured, expressed, implied, or intended, against some risk, peril, or contingency in reference to some subject. It is usually either marine, or against fire, or on a life.
(1) An interest policy is one where the insured has a real, substantial, assignable interest in the thing insured.
(2) An open policy is one on which the value is to be proved by the assured. 1 Phil. Ins. §§ 4, 6, 7, 27, 439, 948, 1178. By an “open policy” is also sometimes meant, in the United States, one in which an aggregate amount is expressed in the body of the policy, and the specific amounts and subjects are to be indorsed from time to time. 12 La. Ann. 259; 19 N. Y. 305; 6 Gray (Mass.) 214.
(3) A valued policy is one where a value has been set on the ship or goods insured, and this value inserted in the policy in the nature of liquidated damages. In such a policy, the value of the subject is expressly agreed, or is, as between the parties, the amount insured.
(4) A wager policy is a pretended insurance, founded on an ideal risk, where the insured has no interest in the thing insured, and can therefore sustain no loss by the happening of any of the misfortunes insured against. These policies are strongly reprobated. 3 Kent, Comm. 225.

This definition of Policy is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Policy in Insurance Law and Legal Risk

Policy, in the areas of Insurance Law and Legal Risk, may be defined in the following terms:the contract between the carrier and the insured outlining indemnification in the event of a claim.

Practical applicationof Policy in Insurance Law and Legal Risk

The insurance policy is the only place to find the terms that apply to the costumer of the company making the policy.

Policy in the Criminal Justice System

This section covers the topics below related with Policy :

Drugs

Policy

Concept of Policy in relation to Safe Place

Definition of Policy in this context: Written guidelines constituting a broad statement of program principles; a framework for developing procedures, rules, and regulations.

Finding the law: Policy in the U.S. Code

A collection of general and permanent laws relating to policy, passed by the United States Congress, are organized by subject matter arrangements in the United States Code (U.S.C.; this label examines policy topics), to make them easy to use (usually, organized by legal areas into Titles, Chapters and Sections). The platform provides introductory material to the U.S. Code, and cross references to case law. View the U.S. Code’s table of contents here.

Policy

In Legislation

Policy in the U.S. Code: Title 22, Chapter 66, Subchapter I

The current, permanent, in-force federal laws regulating policy are compiled in the United States Code under Title 22, Chapter 66, Subchapter I. It constitutes “prima facie” evidence of statutes relating to Foreign Relations (including policy) of the United States. The reader can further narrow his/her legal research of the general topic (in this case, Hong-Kong and China and Asia and Policy of the US Code, including policy) by chapter and subchapter.

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See Also

• Drugs
• Policy