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 contracts of adhesion, which means they are offered on a take it or leave it basis. The insurance company draws up the contract, which only becomes mutually binding when the buyer makes an offer by accepting the terms or mailing in the first payment.he insured must be of sound mind and of legal age, and the insurance provider must conform to any licensing requirements of the state in which the insurance is offered. Legal purpose means that the contract is invalid if it insures or encourages illegal activities.