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

An insurance policy and a contract of insurance are two different documents that relate to the same insurance agreement. A policy is a written document that outlines who is insured, what is being insured, and the premium for the policy. It also outlines the rights and duties of both the insurer and the insured. A contract of insurance usually contains the same information as an insurance policy, but it is a binding agreement between the insurer and the insured. A contract of insurance must be signed by both parties, and will outline the details of the policy, as well as any special provisions or limitations. In Rhode Island, a contract of insurance must be in writing and comply with the insurance laws of the state. The insurance company must provide a copy of the contract to the insured with the same terms and conditions as the policy. The contract must also clearly define the duration of the insurance coverage, the amount covered by the policy, and the limits of liability. In summary, an insurance policy is a written document that outlines who is insured, the type of coverage, and the premium for the policy. A contract of insurance is a legally-binding agreement between the insurer and the insured that outlines the specific details of the insurance coverage, such as the duration, amount covered, and limits of liability.

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

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