The contract between the person buying the insurance and the company providing the insurance is the
A)Unilateral contract
B)Insuring agreements
C)Insurance policy
D)Insurance premium

Question

Quizplus · Accepted Answer

The insurance policy is a contract between the person buying the insurance (the policyholder) and the company providing the insurance. It outlines the terms and conditions of the coverage being provided, including the types of risks covered, policy limits, and any exclusions or conditions. The policyholder agrees to pay the insurance premium, while the insurance company agrees to provide coverage in exchange. The insuring agreements and insurance premium are both components of the insurance policy, but they are not the overarching contract between the policyholder and the insurance company. The unilateral contract is a legal principle that applies to insurance policies, but it is not the name of the contract itself.

The Contract Between the Person Buying the Insurance and the Company