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.
The individual insured person's obligations may take several forms: 1  Premium: The amount the policy-holder or their sponsor (e.g. an employer) pays to the health plan to purchase health coverage. 2  Deductible: The amount that the insured must pay out-of-pocket before the health insurer pays its share.