MANAGEMENT

Detailed explanation-1: -An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured).

Detailed explanation-2: -1) An insurance policy is a contract between the insurer and the insured. 2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover.

Detailed explanation-3: -The Principle of Indemnity The insurer (provider) compensates the insured (policyholder). The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.

Detailed explanation-4: -In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.