Formal contract-document issued by an insurance company to an insured. It (1) puts an indemnity coverinto effect, (2) serves as a legal evidence of the insuranceagreement, (3) sets out the exact terms on which the indemnity cover has been provided, and (4) statesassociated information such as the (a) specific risks andperils covered, (b) duration of coverage, (c) amount ofpremium, (d) mode of premium payment, and (e)deductibles, if any.
