policy

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Policy

The general principles by which a government is guided in its management of public affairs, or the legislature in its measures. A general term used to describe all contracts of insurance.

As applied to a law, ordinance, or Rule of Law, the general purpose or tendency considered as directed to the welfare or prosperity of the state or community.

policy

(Contract), noun agreement, arrangement, contractual obligation, contractual statement, insurance contract, legal document, mutual agreement, mutual underraking, obligation, pact, schedule, understanding
Associated concepts: insurance policy

policy

(Plan of action), noun approach, consilium, course, course of action, course of conduct, doctrine, essablished order, fundamental principles, general guidelines, general principles, governing course of action, governing plan, governing principle, line, line of action, line of connuct, management, manner of proceeding, method, mode of management, party line, plan, plan of campaign, polity, prescribed form, principles, procedure, proposal, proposed action, proposition, rule of accion, scheme, stratagem, ways
Associated concepts: public policy
See also: course, direction, guide, platform, polity, practice, principle, procedure, process, program, rule, scheme, strategy, system

POLICY, PUBLIC. By public policy is meant that which the law encourages for the promotion of the public good.
     2. That which is against public policy is generally unlawful. For example, to restrain an individual from marrying, or from engaging in business, when the restraint is general, in the first case, to all persons, and, in the second, to all trades, business, or occupations. But if the restraint be only partial, as that Titius shall not marry Moevia, or that Caius shall not engage in a particular trade in a particular town or, place, the restraint is not against public policy,, and therefore valid. 1 Story, Eq. Jur. Sec. 274. See Newl. Contr. 472.

References in periodicals archive ?
I am pleased to announce that all these health plans now meet the federal requirements, no tax penalties will be assessed to any Pennsylvania CHIP families, and these families will not face any premium increases for their coverage during the current policy year.
For policy year 2, Diligent believes the risk is identical to policy year 1.
Denote the surrender rate at time t (t [member of] Z) for policies in the ith policy year as [SR.
Overall, no surrender charge from fifth policy year is in the positive direction for policyholders who may need their accumulated funds due to unforeseen circumstances.
For example: a modification factor used for a January 1, 2009, policy period is calculated by using data from policy years 2005, 2006 and 2007 (see diagram at left).
For any particular policy year, claims could be paid for many years to come.
Members insured in the ASAE Disability Income Plan as of April 30, 2003, will receive a premium credit of 30 percent of their premium due for the policy year May 1,2003 through April 30, 2004.
This requires ongoing capitalization of each policy year until underwriting profit begins to offset this obligation.
Members insured under the TAPPI Disability Income Plan as of 4/30/02 will receive a credit of 30% of their premium due for the policy year May 1, 2002, through April 30, 2003.
The insurance covers losses from large claims submitted by one individual as well as high claims from the overall employee group during a given policy year.
Many insurers don't renew cover for complaints an animal suffered in the previous policy year.
Where the bodily injury or property damage has occurred over many years, even though it was not visible, every policy for every policy year may provide insurance coverage.

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