Guiding Principles

What Does Guiding Principles Mean?

Insuranceopedia Explains Guiding Principles

It was once common for insurance companies to draft guiding principles for the policies they issued. These principles assured policyholders that their claims would be handled in good faith and added a layer of transparency.

Guiding principles could outline targeted turnaround times, explain how information collected during the claims process would be used by the insurer, and specify which documents the claimant would need to submit.