An insurance policy is the contract documenting the insurer's promise and the policyholder's obligations. It generally includes policy wording, a policy schedule, and any endorsement or rider. Together these documents explain coverage, exclusions, payment limits, reporting requirements, and the period of protection.
In Nepal, retain the complete issued policy rather than only a receipt, brochure, or agent's message. Check names, dates, property descriptions, and nominee details promptly. If a sales explanation differs from the documents, obtain written clarification from the insurer before relying on it.