What is an Insuring Agreement?
An insuring agreement is a contractual agreement between an insurance company and the policyholder. It defines the scope of coverage and the obligations of the insurance company to pay for covered losses. The insuring agreement is a crucial component of any insurance policy, as it specifies the types of risks covered, the limits of liability, and the conditions and exclusions that apply. The insuring agreement helps to set out the expectations of both the insurer and the insured. Insuring agreements can vary widely depending on the type of insurance policy and the specific needs of the policyholder.
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