Policy of insurance refers to a document that outlines the terms and conditions of an insurance agreement between the policyholder and insurer. Synonyms for policy of insurance include insurance policy, coverage plan, indemnity plan, assurance contract, and risk management program. These terms all refer to the contractual agreement between an individual or organization and an insurance company. While the exact language and nuances of each term may vary, they all describe the same essential concept of protecting against unforeseen financial loss by transferring the risk to an insurance company. It is important to carefully review and understand the terms of any policy of insurance before signing on to ensure adequate protection and avoid potential disputes.