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.
A legally binding agreement between the insurance company and the contract owner, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured death or other event, such as terminal illness or critical illness.