The insurance policy or contract is a contract by which the insurer promises to pay benefits to the insured or, on his behalf, to a third party if certain events occur. Subject to the “Fortuity” principle, the event must be uncertain. The uncertainty may be either when the event will occur (for example. B in life insurance, the date of the insured`s death is uncertain) or whether it will occur (for example. B in fire insurance, whether or not there is a fire). [4] What prompted you to secure an agreement? Please tell us where you read or heard it (including the quote, if possible). An insurance policy is a legal contract between the insurance company (the insurer) and the insured, the company or the insured person (insured). When you read your policy, make sure the policy complies with your requirements and understands your responsibilities and responsibilities of the insurance company in the event of a loss. Many policyholders purchase a policy without understanding what is covered, the exclusions that remove insurance coverage and the conditions that must be met for coverage to apply in the event of a loss. SCDOI would like to remind consumers that reading and understanding your entire policy can help you avoid problems and disagreements with your insurance company in the event of a loss. An insurance contract is the part of an insurance contract in which the insurance company specifically determines the risks for which it offers insurance coverage in exchange for premium payments at a specified value and interval. The insurance agreement generally lists exclusions for insurance coverage, so the policyholder knows the exact extent of their insurance coverage. Different provisions – These provisions which, together with declaration, insurance, exclusions and conditions, complete the insurance policy.

These provisions help to define working methods for the implementation of insurance conditions. Below is an example of these provisions that are mentioned in the case of auto insurance – the insurance contract. Merriam-Webster.com Legal Dictionary, Merriam-Webster, www.merriam-webster.com/legal/insuring%20Ament. Go to 6 Dec.