A policy is the denomination that receives that document in which the insurance contract is reflected, on the one hand and on the other, the obligations and rights that will correspond to both the insurer and the insured, who are the two parties involved in this type contract.
The document will describe the people, objects or instruments that are subject to insurance and the indemnities and guarantees will be established in the event that a loss occurs that affects that asset, person or object of our property.
There is a vast range of risks to insure, for example, fires, crashes, in the case of a car, the death of a person, among others, then and due to this situation is that before taking out a certain policy, the individual must to obtain certain and correct advice regarding which is the best alternative that exists for the good or object to be insured and obviously, to take into account first of all the characteristics of that to be protected from dangers. In this way, some issues or risks will be protected and others excluded, but of course, you will have a complete idea of what to take care of more, because it is not covered by the policy that was taken out.
The policy is made up of three fundamental parts: the general conditions, the particular conditions and the special conditions.
The general conditions include that set of clauses established by the insurer to regulate all insurance contracts that are issued within the same branch, such as: extension and object of the insurance, excluded risks, payment of indemnities and the form of settlement of indemnities .
On the other hand, the particular conditions are those specific aspects of each policy and that will differentiate them from the rest. And the special conditions, refers to the set of clauses that result from the application to each specific policy.
