What is the contract of insurance?

Insurance Contract. Definition: An insurance contract is an arrangement in which one party, the insurer, accepts significant insurance risk from another party, the policyholder, to compensate the policyholder if a specific uncertain future event impacts the policyholder. read more

Definition of contract of insurance: The contract wherein the insurer agrees to provide benefits or services to the insured. read more

A contract is considered to be insurance if it distributes risk among a large number of persons through an enterprise that is engaged primarily in the business of insurance. Warranties or service contracts for merchandise, for example, do not constitute insurance. read more

The contract in which the insurer pledges to give services or benefits to those who are insured. read more