A contract under which an Insurer, in exchange for premium, provides financial and other protection in the event the insured suffers a loss. Clauses in a Policy– The Recital Clause : Refers to the contract, the Insurer and the insured and also the consideration under the contract.The Operation Clause : Defines the perils covered under the Policy and the liability of the Insurer under the contract.The Attestation Clause : Provides for the signatures of the Insurers.The Conditions Clause/s : Regulate the cover provided under the Policy.The Schedule : Schedule is the space provided in the Policy for describing the property insured in detail including the period of cover.Insurance Premium : Charge by the Insurance Company to individual or Company for the Insurance contract. The premium reimburses the Insurance Company for the risk they have assumed.
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The contract between an insurance company and the insured.
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The document containing the contract between the insured and the insurer that defines the rights and duties of the contracting parties.