The __________ in an insurance policy is the statement that sets out the element of insurance to pay for losses that are covered in the policy by the issuing insurance company.

Question

Quizplus · Accepted Answer

The insuring clause in an insurance policy is the statement that sets out the element of insurance to pay for losses that are covered in the policy by the issuing insurance company. This promise of covering losses is in exchange for the premium that is paid by the insured and the complies with policy terms. This is considered to be contractual language, as insurance policies are true contracts between the insurance company and the insured.
Question: wondering if the word "element" is supposed to be "amount?"

The __________ in an Insurance Policy Is the Statement That