A policy is not a contract, it is the evidence of the insurance contract, Explain.?

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Answers:    An insurance policy is a contract between two or more parties. All party have fundamentally specific rights and responsibilities.

For commercial insurance, a BINDER is typically issued before the policy. The binder is the productive contract for the insurance, and is later replaced by the actual policy.

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A policy contained by all sense is a contract between the insurer and the insured. The policy document is the physical form of the contract wherein the language and conditions are expressely mentioned.

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