What should a policy accomplish for the policy owner in relation to their expectations?

The primary goal of a policy for the policy owner is to meet their reasonable expectations regarding coverage and benefits. This encompasses delivering what the policy owner anticipates when they purchase the insurance. Reasonable expectations address the understanding that policyholders have about the protection and services they're entitled to under the terms of the policy. It reflects the trust that they have placed in the insurer to provide coverage for specific risks and situations in accordance with the communicated terms and conditions.

Achieving reasonable expectations can lead to overall satisfaction with the insurance product, reinforcing the value of the relationship between the policyholder and the insurer. It is essential for the insurer to effectively communicate the policy features, limitations, and benefits so that the policyholder can have a clear understanding of what to expect, thus ensuring that their expectations are aligned with the actual coverage provided.