Meaning of the word "insurance policy" in English

What does "insurance policy" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

insurance policy

US /ɪnˈʃʊr.əns ˌpɑːl.ə.si/
UK /ɪnˈʃʊr.əns ˌpɑːl.ə.si/
"insurance policy" picture

Noun

1.

a document detailing the terms and conditions of an insurance contract

Example:
Make sure you read your insurance policy carefully before signing.
The company offers various types of insurance policies.
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