insurance contract, general Definition | Business Dictionaries from AllBusiness.com
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Business Definition for: insurance contract, general
insurance contract, general

legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment(s) the company covers stipulated perils.

See also capacity of parties , legal plan , indemnity , conditional , adhesion insurance contract , aleatory contract , application , insurable interest , endorsement , consideration , mutual assent , utmost good faith
Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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