What is an insurance policy?

An insurance policy is a document that includes all the most important terms and conditions of the insurance contract, the insured's data, and other information, including information about the insurance company.

On the KIRINS website, after a successful purchase of an insurance product, an insurance policy is sent to the specified email address, which can be presented upon request.

What does an insurance policy include?

Depending on the insurance product, the form and text of this document may vary, but there is a list of the main items that must be included in the insurance policy:

  • Contract number

  • Full name of the insured

  • Passport data of the insured

  • Main terms of the contract

Some insurance products also have the following clauses in the policy:

What is the difference between an insurance policy and an insurance contract?

The main difference between an insurance policy and an insurance contract is the completeness of disclosure of the insurance terms and conditions. An insurance policy usually contains the most important conditions under which the insurance is valid. Whereas an insurance contract must include the full text of all insurance terms and conditions.

The insurance contract must always describe the type of insurance, the exclusions in case of an insured event, and what constitutes an insured event.

What should you do before entering into an agreement with an insurance company?

In Ukraine, there are both mandatory and voluntary types of insurance. Speaking of mandatory types, the terms of such contracts are usually regulated by the laws of Ukraine. For example, motor third-party liability insurance is regulated by the Law of Ukraine "On Compulsory Insurance of Civil Liability of Owners of Land Vehicles" and the terms are the same for all insurance companies in Ukraine.

Voluntary types of insurance can be very different and depend on a particular insurance company. Before signing an insurance contract, always read the terms and conditions and exclusions from the insured event.