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

An insurance policy is a contract between an insurance company and an individual or business that provides coverage for certain losses, liabilities, or damages for a given period of time. The policy outlines the specific terms of the agreement between the insurance company and policyholder. It includes the amount of coverage provided, the limits of liability, deductibles, and details about the types of losses and liabilities covered. A contract of insurance is a legal document between two parties that outlines the terms and conditions of the coverage the insurance company provides to the policyholder. The contract includes the insured party’s responsibility to pay for the coverage, the terms of payment, and other specifics such as coverage limits, deductibles, and coverage exclusions. The contract also defines the rights and responsibilities of both the insurer and the policyholder, as well as any potential disputes that may arise. In summary, an insurance policy is the written agreement between an individual or business and the insurance company that provides coverage for certain losses, liabilities, or damages. A contract of insurance is the legal document between two parties that outlines the terms and conditions of the coverage the insurance company provides to the policyholder.

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

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