An Insurance Policy Is a Contract Between the Person Buying

question 131

True/False

An insurance policy is a contract between the person buying insurance and the insurance company.

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Definitions:

Federal Parliament

The supreme legislative body in a federal system, usually consisting of two houses, that makes and passes laws.

Constitution

The basis upon which a state is organized, and the powers of its government defined.

Promissory Note

A financial tool comprising a formal pledge by one entity to compensate another entity with a certain amount of money, which can be requested at any time or on a predefined future date.

Negotiate

To discuss something in an attempt to reach agreement, especially in business or political contexts.