A contract of insurance is a legal agreement that is described in a document called an insurance policy. The contract is issued with the order that the issuer, the insurer undertakes to compensate damage or to pay a sum of money to the other party, the policy-holder, to verify the event provided for in the policy. The insurance this policy issued in Exchange for the payment of a premium, by the policyholder. An insurance contract may have designed all kinds of risks, if there is an insurable interest.
