Definition - What does Policy Schedule mean?
Policy schedule is also known as a schedule of insurance. It is the part of the insurance contract that identifies the policyholder and details the property and persons covered, the amount of coverage, the exclusions, the deductibles, and the payment mode and schedule.
Insuranceopedia explains Policy Schedule
A person wants to be insured because he or she wants an insurance company to cover a future risk. There are people who get disappointed when the time for making a claim comes and the insurance company offers coverage that turns out to be less than what they expected. This is often because of how contracts are drafted. An insurance contract is often long and there might be terms and turns of phrases that will confuse those who are not really insurance professionals.
So, when an insurance company provides the contract, the one insured should read it thoroughly particularly the details in the policy schedule. If he or she finds something incomprehensible, he or she must ask an insurance professional.
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