A contract that allows for contributions to be invested in insurance policies and for the insurance company to pay the benefits In certain instances, it may contain all the plan provisions and, in effect, represent the plan document, although the insurance contract is usually subordinate to the plan document
Contract in which the insurance company undertakes a legal obligation to pay out benefits to the insured person or to a beneficiary in return for a premium, if a stipulated peril materialises
The written contract or insurance policy between the insured and the insurer detailing the coverage provided, exclusions and limitations, conditions in case of loss, and other details pertinent to the terms of the agreement