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.
Insurance contracts are
designed to meet specific needs and thus have many features not found in many
other types of contracts. Since insurance policies are standard forms, they
feature boilerplate language which is similar across a wide variety of
different types of insurance policies.
The insurance policy is
generally an integrated contract, meaning that it includes all forms associated
with the agreement between the insured and insurer. In some cases, however,
supplementary writings such as letters sent after the final agreement can make
the insurance policy a non-integrated contract. One insurance textbook states
that generally "courts consider all prior negotiations or agreements .
every contractual term in the policy at the time of delivery, as well as those written afterward as policy riders and endorsements ... with both parties' consent, are part of the written policy". The textbook also states that the policy must refer to all papers which are part of the policy. Oral agreements are subject to the parol evidence rule, and may not be considered part of the policy if the contract appears to be whole. Advertising materials and circulars are typically not part of a policy. Oral contracts pending the issuance of a written policy can occur.
every contractual term in the policy at the time of delivery, as well as those written afterward as policy riders and endorsements ... with both parties' consent, are part of the written policy". The textbook also states that the policy must refer to all papers which are part of the policy. Oral agreements are subject to the parol evidence rule, and may not be considered part of the policy if the contract appears to be whole. Advertising materials and circulars are typically not part of a policy. Oral contracts pending the issuance of a written policy can occur.
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