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 Insurance Contracts 


An insurance policy is also a contract. This insurance contract between the insurer and the insured has many basic contract principles. It is often considered a personal contract where the loss that is payed is based on the loss to the person that holds the policy. The policy is also conditional contract where the insured has certain conditions that they must meet before the insurer is required to pay any benefit. Also, since the insured typically cannot negotiate terms of terms of the contract, any uncertainties in the contract will usually conclude to the advantage of the insured party. Finally, insurance contracts are usually considered contracts of indemnity.

As always, you should understand and read your insurance policy understanding that it is a contract. Understand what it covers and, maybe more importantly, what it doesn't cover. Ask the insurance agent questions and make sure get a good straight answer that can be verified with with written contract.

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Please Note: THIS IS NOT PROFESSIONAL ADVICE. If you need specific advice please seek a professional who is licensed or knowledgeable in that area.  Please note that we are not insurance experts or lawyers. We accept no liabilty and claim no validity for the information on this site. Information on this site may not be accurate.  Insurance customers should always consult their insurance company and/or agent as well as their lawyer to get a good understanding of coverage and other legal questions/concerns about their insurance policy or any policy they intend to buy.

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