What does Elements of an Insurance Contract mean? Read on to discover the definition & meaning of the term Elements of an Insurance Contract - to help you better understand the language used in insurance policies.
Elements of an Insurance Contract
The elements of an insurance contract are the standard conditions that must be satisfied or agreed upon by both parties of the contract. In terms of Insurance, these are the fundamental conditions of the insurance contract that bind both parties, validate the policy, and makes it enforceable by the law.
We hope the you have a better understanding of the meaning of Elements of an Insurance Contract.