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An insurance policy does not "explain" anything as such. Instead, it is a contract by which the insurance company assumes the financial risk of loss for certain occurrences from the insured in return for the payment of a premium.
Part of the contract defines the scope of the risks that that the insurer is assuming; other parts define certain terms used in the insurance policy, and still other parts define what must occur or be done to trigger coverage. To that extent, the insurance policy is providing an explanation of its terms and conditions.
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∙ 13y ago
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Explain the purpose of a contract with reference to a policy - short term insurance?
What is the purpose of a contract?
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