CONTENTS OF INSURANCE CONTRACT

CONTENTS OF INSURANCE CONTRACT

Generally, an insurance contract includes, minimum, the following elements

• identification of participating parties (the insurer, the insured, the beneficiaries)
• the premium
• the period of coverage
• the particular loss event covered
• the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss)
• and exclusions (events not covered)