<Table> <Tr> <Td> </Td> <Td> It has been suggested that Loss run be merged into this article . (Discuss) Proposed since September 2016 . </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> It has been suggested that Loss run be merged into this article . (Discuss) Proposed since September 2016 . </Td> </Tr> <P> In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay . In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language . </P> <P> Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts . Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies . </P>

The contract that exists between the insurer and the insured