What is an insurer contract?
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.
What is the purpose of an insurance contract quizlet?
An insurance policy is a legal contract between and insurance company and an insured, in which the insurance company will pay an insured for covered losses in exchange for the insured paying the premiums.
What is the main purpose of an insurance contract?
Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies or perils. It helps to protect the insured person or their family against financial loss. There are many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.
What are the 3 elements of an insurance contract?
Because the law of contracts is used to interpret an insurance policy, the basic elements of contract (offer, acceptance, and consideration) must be present for a court to uphold an insurance agreement.
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