The actual short term insurance policy that specifically spells out every aspect of gap coverage, including plan exclusions, eligible covered medical services, etc.
a complex contract with conflicting and confusing provisions
a contract of good faith on both sides, and when an insurer unreasonably refuses to pay a claim the insurer is considered to have acted in "bad faith"
a contract of indemnity upon the terms and conditions specified therein
a contract whereby one party, for a consideration known as the premium, agrees to indemnify another for loss or damage which he may suffer from a specified peril
an adhesion contract, in which the insured has no bargaining power
an agreement in which the insurer, in consideration of a premium, promises to indemnify the insured for loss (s)he may suffer from a specified peril
a PERSONAL contract because It is only made with someone who has an insurable interest in the outcome of the contract
a two-party contract between a consumer, who pays a premium, and a carrier, who "indemnifies" the insured in the event of a loss
a two-party contract between the subscriber and the company, which reimburses the subscriber when a loss is incurred
The legally binding unilateral agreement between an insurance company and a policyowner. (See also: contract of insurance and insurance policy.)
The written contract or insurance policy between the insured and the insurer detailing the coverage provided, exclusions and limitations, conditions in case of loss, and other details pertinent to the terms of the agreement.
An Insurance contract determines the legal framework under which the features of an insurance policy are enforced. Insurance contracts are designed to meet very specific needs and thus have many features not found in many other types of contracts. Many features are similar across a wide variety of different types of insurance policies.
