Answers: An insurance policy is a contract between two or more parties. All party have fundamentally specific rights and responsibilities.
For commercial insurance, a BINDER is typically issued before the policy. The binder is the productive contract for the insurance, and is later replaced by the actual policy.
A policy contained by all sense is a contract between the insurer and the insured. The policy document is the physical form of the contract wherein the language and conditions are expressely mentioned.