Legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment(s) the company covers stipulated perils. See also Adhesion Insurance Contract; Aleatory Contract; Application; Capacity of Parties; Conditional; Consideration; Endorsements; Indemnity; Insurable Interest; Legal Purpose; Mutual Assent; Utmost Good Faith.
Insurance Contract, General
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 | Policy (insurance term) |
| Indemnity Agreement (insurance term) |
| Policy Provisions (insurance term) |
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 | Insurance Dictionary. Dictionary of Insurance Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more |
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Mentioned in
- Policy (insurance term)
- Indemnity Agreement (insurance term)
- Policy Provisions (insurance term)
- Liability insurance
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