Insurance Policy Specification is a TERM used to describe the details of an insurance policy, such as the type of coverage, the amount of coverage, and the duration of the policy. It is important for individuals to understand the specifics of their insurance policy in order to ensure they are adequately covered in the event of an accident or other unforeseen circumstance. Insurance companies will often provide customers with a detailed document outlining the specifics of their policy, which should be read carefully before signing.