What does Standard Form or Standard Policy mean? Read on to discover the definition & meaning of the term Standard Form or Standard Policy - to help you better understand the language used in insurance policies.
Standard Form or Standard Policy
An insurance policy form that is designed to be used by many different insurers and has exactly the same provisions, regardless of the insurer issuing the policy. Most standard insurance policy forms are developed by insurance advisory organizations, such as Insurance Services Office, Inc. (ISO), American Association of Insurance Services (AAIS), the Surety Association of America (SAA), and National Council on Compensation Insurance, Inc. (NCCI).
We hope the you have a better understanding of the meaning of Standard Form or Standard Policy.