What document typically details the terms and conditions under which an insurance company will pay a claim?

The policy document is the foundational contract between the insurer and the insured, outlining the specific terms and conditions that govern the insurance coverage. It clearly sets forth what risks are insured, the extent of coverage, any exclusions, and the procedure for making a claim. This document serves as the primary reference for both parties in the event of a claim, detailing how claims will be assessed and the circumstances under which payment will be made.

In contrast, the claim form is a document that the insured submits when making a claim; it collects relevant information to facilitate the claims process but does not outline the terms of coverage. A quote, or a quotation, provides a prospective insured individual with an estimate of premiums for potential coverage based on the details they provide, but it does not include the binding terms of coverage. Lastly, the application form is utilized to gather essential information from the prospective insured party to assess risk and determine appropriate coverage, but it does not define the terms and conditions under which claims will be paid.