Русско-англо-русский юридический словарь

If an insurance company acts in bad faith it may be subject to punitive damages. (Website of Pillsbury & Coleman, LLP)

insurance policy – formal contract-document issued by an insurance company to an insured. It (1) puts an indemnity cover into effect, (2) serves as a legal evidence of the insurance agreement, (3) sets out the exact terms on which the indemnity cover has been provided, and (4) states associated information such as the (a) specific risks and perils covered, (b) duration of coverage, (c) amount of premium, (d) mode of premium payment, and (e) deductibles, if any. (BusinessDictionary)

insurance company – a business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments. The company calculates the risk of occurrence then determines the cost to replace (pay for) the loss to determine the premium amount. (BusinessDictionary)

certificate of insurance (COI). Document issued by an insurance company, it certifies that an insurance policy has been bought and shows an abstract of the most important provisions of the insurance contract. But it is not a substitute for the actual policy, and is normally a non-negotiable document-it cannot be assigned to a third party, and is unacceptable under the terms of a letter of credit and in making a claim. (BusinessDictionary)