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.
Named Insured. This term refers to the person who is the direct owner of the insurance policy, who originally purchased the coverage and whose name is identified on the declarations page of the policy. The named insured is the only party that has the power to make changes to the policy, cancel the policy, or make any other modifications. Additional Insured