Financial literacy and more
Insurance being a contract has big implications.
A contract can be enforced in a court of law.
The conditions of the contract thus become very importance.
It is not possible for someone to say at a later date that they did not know certain thing.
Their signature on the contract is proof of their knowledge of the matter.
An insurance is a contract that is entered into between two parties.
Here on one side of the contract is the insurance company.
On the other side is the person or entity that is being covered by insurance.
Both of them enter into an agreement.
The agreement has all the terms and conditions of the insurance.