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

Question

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

Answer 1

An insurance policy is a contract between two or more parties.  All parties have very specific rights and responsibilities.

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

Answer 2

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