Question

a statement a contract between the insured and insurer (one one word)​

Answer 1

Answer:

1) An insurance policy is a contract between the insurer and the insured.

2) The insured is the person whose life is being covered against the risk under the policy.

3) The insurer is the insurance company that provides the insurance cover.

Answer 2

An insurance policy is a statement or contract between the insured and insurer.

Participants of insurance policy:

• An insurance policy is a contract between the insurer and the person who is insured.
• The insured is the person who is covered against the risk under the policy.
• The insurance company is the entity that provides insurance cover. The person who takes the cover is also called the policyholder.

How does it work?

• The right to propose policies resides with the proposer, who is responsible for paying premiums.
• The beneficiary of an insurance policy is the person or people who are entitled to receive the benefits of the policy.
• This could be your spouse, parents, children, siblings, or business partner.

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