A formal writing style is not necessarily âbetterâ than an informal style, rather each style serves a different purpose and care should be taken in choosing which style to use in each case.
insured contract. A term used to specify the limit of contractual liability coverage. This term can refer to lease agreements, easement agreements, and any other agreement that relates to the insured's business.
Insurance contracts are a special class of contracts which are guided by certain basic principles like those of utmost good faith, insurable interest, proximate cause, indemnity, subrogation and contribution.