The conditions of a contract offered by one party to the other. In life insurance, the initial premium plus the completed application is considered an offer. In property insurance, just the application is considered the offer.
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The communication of the contract terms by one party to another.

An element of the Insurance contract. See Also: “Insurance Contract, Essential Elements.”

Under the law of contracts one party makes an offer and the other accepts the offer as a part of making a contract. This is called the agreement. Sometimes, when the first party makes an offer, the second party will not accept it but makes a counter offer. The first party can then accept the counter offer or reject it and propose another counter-offer. Eventually this Requirement of a contract will be fulfilled.Consideration : For a contract to be binding there must be some form of consideration (something of value) given in exchange by the buyer to the seller. Money is the most common form of consideration given.Consensus ad idem : Both parties to a contract should agree to the same thing in the same sense. the consent must arise out of common intention. There will be no consensus if either of the parties or both of them are under an erroneous impression as to some circumstances affecting the contract.Capacity of the parties : Both the parties should be legally competent to enter into the contract. Mentally unsound persons, minors, etc are generally deemed incapable of entering into a contract.Legality of the Contract : The object of a contract must be legal for trade before a contract is enforceable. In other words if two parties agree to an illegal transaction and one party fails to live up the agreement, the second party could not receive help from the courts to enforce the contract since the transaction was illegal.Insurance Contract, Parts : There are five basic parts to an insurance policy contract. The first four are referred to as the “D-I-C-E” provisions. They are the followings:

On to whom an offer is made
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The person to whom an offer is extended.
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A person who makes an offer.
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One who makes an offer.

A special policy designed for offices. It usually consists of several crime coverage on office equipment and supplies which are purchased as a package. There is relatively low limit for each coverage and very little flexibility in that the policyholder must buy the complete package.

A policy created for offices that covers equipment and supplies against crime. Under this policy, the insured must purchase a package of crime coverages, which have a low limit.

Similar to Office Protection Shield (General Office) (Office Umbrella Policy) with additional coverage of Professional Indemnity.

Policy covers (I) building including landlord’s fixtures, fittings, boundary wall and fences against fire and allied perils including earthquake and Storm, Tempest, Flood, Inundation etc perils. (IIA) Office contents against perils as per section I including burglary, robbery and dacoity. (IIB) Tenants liability – liability as a tenant for damage to office premises including fixtures and fittings against perils as per IIA. (III) Money whilst in transit, on the premises during office hours and in safe after office hours against any accident and/or misfortune (IV) Fixed Glass and sanitary fittings including damage to frames against accidental breakage (V) Fidelity Guarantee of any salaried person employed by insured against pecuniary loss caused by fraud and/or dishonest act (VIA) Electronic equipment and data carrying material against unforeseen sudden physical loss or damage due to any cause other than those specifically excluded (VIB) Cost of re-instatement of data and programme as per Sec. VIA. (VIC) Portable commuter whilst being carried anywhere in the world against perils as per VIA. (VII) Additional expenses of rent for alternate accommodation if premises occupied is damaged and declared unfit for occupation against perils as per Sec. IIA. (VIII) Personal accident insurance for elf and employees against death, permanent total or partial disablement and temporary total disablement due to accident. (IX) Breakdown of Office appliance and electrical and mechanical gadgets (X) Loss or damage to baggage belonging to self or employees whilst on journey anywhere in the world against accident or misfortune (XI) Public Liability and Workmen’s compensation. (XII) Mediclaim – expenses incurred during hospitalization in any hospital as per Health Insurance Policy. Policy provides for discounts if more than minimum number of sections are covered. Renewal Claim Free discount is also offered.

Services that are provided by the physician in office.