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What is an insurance contract?


Asked By: Krisha Agarwal



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8 Answer(s) Available

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In insurance, the insurance policy is a contract between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.

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An insurance contract is a document representing the agreement between an insurance company and the insured. Central to any insurance contract is the insuring agreement, which specifies the risks that are covered, the limits of the policy, and the term of the policy.

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Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance

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Parts of an insurance contract — The insurance contract or agreement is a contract whereby the insurer promises to pay benefits to the insured or on

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Pursuant to Article 921 of the Civil Obligations Act under the insurance contract, an insurer undertakes to a policyholder to pay the indemnity to the insured person

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An Insurance Contract may be defined as an agreement between two parties whereby one party is called an insurer and the other is called insured. The Insurer which is the Insurance Company undertakes, in exchange of fixed premium to pay the Insured fixed amount of money on the happening of a certain event.

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The purpose of an insurance contract is to leave you in the same financial position you were in immediately prior to the incident leading to an Insurance Contract Essentials · Contract Values · Insurable Interest

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Insurance Contract is an agreement between Insured and Insurer enforceable by law. Here Insurer promises to pay sum assured on

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