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An insurance declaration page also known as a ?dec page? summarizes the insurance coverage provided by the policy.

An insurance contract is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising from an unknown or contingent event. 26.1-29-02.

The Principle of Indemnity Essentially, this is the part of the contract that matters the most for the insurance policyholder because this is the part of the contract that says she or he has the right to be compensated or, in other words, indemnified for his or her loss.

There are four necessary elements to comprise a legally binding contract: (1) Offer and acceptance, (2) consideration, (3) legal purpose, and (4) competent parties. The effective date of a policy is the date the insurer accepts an offer by the applicant "as written."

A life insurance policy contract is a document of agreement between the policyholder and the insurance company. This contract mentions the premium amount that needs to be paid to the insurer to get the coverage along with all terms and conditions.

Insurance contracts can be characterized as conditional, unilateral and bilateral, aleatory, and contracts of adhesion. A conditional insurance contract is the property of a contract being subject to certain limits on the part of the insured's rights before it can be executed.

The Insuring Agreement This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.