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: -4) The proposer is the person who takes the cover and is also called the policyholder. The rights of ownership of policy lie with the proposer and he is liable to pay premiums.

Detailed explanation-3: -Policy conditions are the provisions in an insurance policy that often require the insured to comply with certain requirements to obtain coverage under the policy. Policy conditions can be overlooked because they are not in the insuring agreement, the exclusions, or the definitions.

Detailed explanation-4: -Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage. It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.