What is the difference between an insurance policy and a contract of insurance?

An insurance policy and a contract of insurance are two different things. An insurance policy is a written agreement between an insurance company and a policyholder. It outlines the details of the coverage provided by the insurer, such as the types of risks being covered, the rules and regulations that must be followed by both parties, and any clauses that are applicable to the policy. A contract of insurance, on the other hand, is a legally binding agreement between the insurer and the policyholder. It typically includes the terms and conditions of the coverage provided by the insurer, as well as the premiums and deductibles that must be paid. The contract also includes the time frame of the policy, as well as any exclusions or limitations to the policy. Moreover, the contract of insurance may also include information on how the policyholder can make a claim if an incident results in loss or damage. In summary, an insurance policy is a written agreement between the insurance company and the policyholder that outlines the coverage provided. Meanwhile, a contract of insurance is a legally binding agreement between the insurer and the policyholder that outlines the terms of the policy, including the premiums, deductibles, time frame, and any applicable exclusions or limitations.

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What is the difference between an insurance policy and a contract of insurance?

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