<P> In insurance , the insurance policy is a contract ( generally a standard form contract ) between the insurer and the insured , known as the policyholder , which determines the claims which the insurer is legally required to pay . In exchange for an initial payment , known as the premium , the insurer promises to pay for loss caused by perils covered under the policy language . </P>
<P> In insurance , the insurance policy is a contract ( generally a standard form contract ) between the insurer and the insured , known as the policyholder , which determines the claims which the insurer is legally required to pay . In exchange for an initial payment , known as the premium , the insurer promises to pay for loss caused by perils covered under the policy language . </P>
the contract that exists between the insurer and the insured
the contract that exists between the insurer and the insured
the insurance policy
the insurance policy