A formal writing style is not necessarily âbetterâ than an informal style, rather each style serves a different purpose and care should be taken in choosing which style to use in each case.
insured contract. A term used to specify the limit of contractual liability coverage. This term can refer to lease agreements, easement agreements, and any other agreement that relates to the insured's business.
Definition of insurance. 1  1a : the business of insuring persons or propertyb : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or perilc : the sum for which something is insured.