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.
An insurance policy is a contract between an insurance company, or insurer, and the insured, or policyholder. The contract describes the obligations of the insurer as well as those of the insured, and outlines the terms of the insurance agreement.