Insurance Contract
/ɪnˈʃʊərəns ˈkɒntrækt/
Definitions
- (n.) A legally binding agreement whereby an insurer undertakes to indemnify or compensate an insured party against specific risks in exchange for premiums.
The insurance contract specifies the coverage and claims process.
Forms
- insurance contracts
Related terms
See also
Commentary
Insurance contracts are governed by specific statutes and principles such as utmost good faith, distinguishing them from general contracts.
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.