An insurance policy is a legal contract between the insurance company (the insurer) and the insured, the company or the insured person (insured). When you read your policy, make sure the policy complies with your requirements and understands your responsibilities and responsibilities of the insurance company in the event of a loss. Many policyholders purchase a policy without understanding what is covered, the exclusions that remove insurance coverage and the conditions that must be met for coverage to apply in the event of a loss. SCDOI would like to remind consumers that reading and understanding your entire policy can help you avoid problems and disagreements with your insurance company in the event of a loss. What made you feel like insurance? Please tell us where you read or heard it (including the quote, if possible). The insurance policy or contract is a contract by which the insurer promises to pay benefits to the insured or, on his behalf, to a third party if certain events occur. Subject to the „Fortuity“ principle, the event must be uncertain. The uncertainty may be either when the event will occur (for example. B in life insurance, the date of the insured`s death is uncertain) or whether it will occur (for example. B in fire insurance, whether or not there is a fire).
 Insurance contracts have traditionally been written on the basis of each type of risk (for which risks have been very narrowly defined) and a separate premium has been calculated and charged for each price based on risk. Only the specific risks expressly described or „considered“ in the directive were covered; This is why these guidelines are now referred to as „individual“ or „schedule“ guidelines.  This system of „designated hazards“ or „specific dangers“ proved untenable in the context of the Second Industrial Revolution, as a typical large conglomerate could have dozens of types of risks that can be insured against. For example, in 1926, a spokesperson for the insurance industry indicated that a bakery had to purchase a separate policy for each of the following risks: manufacturing operations, elevators, teamsters, product liability, contractual liability (for a track that connects the bakery to a nearby railway), domestic liability (for a retail store) and the responsibility of protecting owners (negligence of contractors responsible for construction modifications).  Insurance contract – indicates what the insurer is dealing with under the contract. It relates to the purpose of the insurance. In the standard fire policy, the declaration and insurance are displayed together on the first page of the contract. In policies that have more than one item, such as auto insurance. B, there is an insurance agreement for each item.