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 is a type of financial product designed to protect consumers against the financial burden of losses and expenses. An insurance contract, also known as an insurance policy, is a document that details the terms of insurance coverage.onsiderations. It is important to read the terms of an insurance contract carefully before agreeing to it and paying premiums. You should make certain that the contract covers the losses and expenses you need it to cover and to choose a plan that offers adequate protection at a reasonable cost.