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.
A contract (an insurance contract) whereby one person, the insurer, promises and undertakes, in exchange for consideration of a set or assessed amount of money (called a premium), to make a payment to either the insured or a third-party if a specified event occurs, also known as occurrences.