insurance policy

noun

1. an insuring or being insured against loss; a system of protection against loss in which a number of individuals agree to pay certain sums (premiums) periodically for a guarantee that they will be compensated under stipulated conditions for any specified loss by fire, accident, death, etc.
2. 1. a contract guaranteeing such protection: usually called : see policy, sense
   2. the premium specified for such a contract
3. the amount for which life, property, etc. is insured
4. the business of insuring against loss