Question

what is the most important part of insurance?

Answer 1

Dear student,

The important parts of insurance are:
It should have all essential elements of a valid contract.
It should contain declarations as who is insured, his address, insurer company and its address, information about property insured, policy period and premium amount.
Definition of important terms used in insurance contract.
Insuring agreement, containing summary of conditions under which losses are paid.
Risks , locations, property, etc that are not included in the property along with reasons for the same.
Conditions, rules of conduct, duties to be performed.
Deductions and miscellaneous provisions.

Regards