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.
In an insurance contract, the insured person makes a premium payment (consideration now ) and promises to comply with the provisions of the policy (consideration future). In return, the insurance company promises to pay in accordance with the terms of the contract.