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.
Definition. Specifically named individual or firm (usually the policyholder) with whom an insurance contract is made, and whose interests are protected under the policy. In some cases, more than one entity may be designated as named insureds.pecifically named individual or firm (usually the policyholder) with whom an insurance contract is made, and whose interests are protected under the policy.