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.
AGENCY CONTRACT. a contract that is held between an insurer and agent producer, containing the expressed authority given to the agent/producer, and the duties and irresponsibility to the principal and agent who is in violation of the agent contract may be held personal liable to the insurer.