Insurance Policy

In insurance, the insurance policy is a contract between the insurer and the insured, known as the policyholder,which determines the claims which the insurer is legally required to pay.In exchange for an initial payment known as the premium,the insurer promises to pay for loss caused by perils covered under the policy language.Insurance contract are designed to meet specific needs and thus have feature not found in many other types of contract.Since insurance policies are standard  feature boilerplate language which is similar across a wide variety of different   type of insurance policies.
The insurance policy is generally an integrated contract meaning that it include all forms associated with the agreement between the insurance.
Insurance
(1)The act,business, or system of insuring.
(2)The state of being insured.
(3)A means of being insured.
a. Coverage by a contract binding a party to indemnify another against loss in return for premiums paid.
b.The sum or rate for which such a contract insures something.
c.The periodic premium paid for this coverage.

Policy
1.a plan or course of action as of a government, political party,or business, intended to influence and determine decisions,actions,and other matters:American foreign the company's personnel policy.
2.
a.A course of action,guiding principle,or procedure considered expedient, prudent,or advantageous:Honesty is the best policy.
b.Prudence,shrewdness,or sagacity in practical matters.