The process of writing down the coverage and exclusion for insurance of any property / non property items called “Underwriting”, The process is driven by the person called underwriter.
The proof of underwriting on a paper with description of assets covered for any unforeseen & unfortunate events thus prone to happen with any asset is called as “Policy Document”.
It is being done by the company involved in assuring from the risk of any unfortunate event known as Insurance Company, It is mandatory to have license of Insurance business from the Regulator of Insurance Market in India known as IRDA ( Insurance Regulatory and Development Authority ) of India.