When looking for insurance, it is important to understand all of your options and to compare the nuances offered in different policies. A specimen insurance policy allows an insurance company to provide a sample proposal to a potential client without going through the lengthy underwriting process.
Standard Policy Language
A specimen policy is a standard form that an insurance carrier uses when writing a policy. The form is a sample proposal for the coverage(s) they secure. Educational in nature, the document allows a client to review a generic insurance policy in its entirety.
How to Obtain a Specimen Policy
Many states require insurance carriers to post specimen policies on their websites. Insurance experts add a watermark indicating the document is a sample and post the specimen insurance policy in PDF format, making it is easy for clients to download and review.
Review of the Policy
Insurance policies contain many different parts: declarations, definitions, exclusions, endorsements and conditions. When going through a specimen policy, review each section carefully for items that you do not understand or raise your concern. Contact your insurance broker or agent to answer any questions you may have.
When comparing several insurance options, a careful review of the specimen policies can help you compare apples to apples and determine which is the best for your needs.