(01) A contract entered into by two or more persons under which one or more of them agree, for a consideration, to do or refrain from doings acts in accordance with the wishes of the other party(s). (02) In insurance, the agreement by which an insurer agrees, for a consideration to provide benefits, reimburse losses or provide services for an insured. A “Policy” is the written statement of the terms of the contract. (03) A contract is a legal agreement between two or more parties and has to comply with the provisions of the Indian Contract Act, 1872. An insurance policy is a contract. (04) An agreement under which an agency of agent does business with an insurance.
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MEDICAL,USA: 1. Legal enforceable agreement between the insurance carrier or managed care plan and the insured when relating to an insurance policy. 2. For workers’ compensation cases, an agreement involving two or more parties in which each is obligated to the other to fulfill promises made. In industrial cases, the contract exists between the physician and the insurance carrier.
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US: A binding agreement between two or more parties for the doing or not doing of certain things. A contract of insurance is embodied in a written document called the policy.
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MEDICAL,USA,REFERENCE: See: insurance policy .
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The agreement between the insured and the insurer, wherein it is agreed that consideration will be traded for benefits and services. This term can also mean the agreement between an insurer and the agency he or she works with.