Package policy - Definition

A Package Policy refers to several risks being covered under one insurance policy. These coverages or distinct lines of insurance were sold separately in the past, but insurance companies now Offer them in one package. For example in Travel Insurance - Package policies are issued for a single trip, which could be a cruise, tour, flight, rental house, or other type of trip. These types of policies generally cover cancellation, baggage loss or delay, medical and dental expenses, emergency evacuation, travel delay, round-the-clock traveler assistance, and accidental death. Other options available include flight insurance, coverage for children, and/or collision damage coverage on rental cars. The advantage of having a package policy is that it is cheaper since as opposed to the costs linked to issuing two or more policies.

Terms near "Package policy"

Paid up
Paid-in capital
Paid-in surplus
Paid-up capital
Painting the tape
Paired sales analysis
Pairing off
Pairs trade
Panel data
Panic buying
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