Contract of Insurance
/ˈkɒntrækt əv ɪnˈʃʊərəns/
Definitions
- (n.) A legally binding agreement whereby an insurer undertakes to indemnify the insured against specified risks in exchange for a premium.
The contract of insurance outlines the conditions under which the insurer will compensate the policyholder.
Forms
- contracts of insurance
Related terms
See also
Commentary
The term refers broadly to any insurance agreement; precise terms depend on the type of insurance and jurisdiction.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.