Final answer:
A Certificate of Authority is not part of an insurance contract but is a license for an insurance company to operate legally. An insurance contract includes a premium, risk group, and possibly warranties or service contracts.
Step-by-step explanation:
A Certificate of Authority is not part of an insurance contract; it is rather a document that insurance companies obtain from the government to legally sell insurance within a particular state or jurisdiction. An insurance contract typically includes components such as the premium, which is the payment made to an insurance company, and it addresses a risk group, a collection of individuals or entities that share a similar risk profile.
Additionally, insurance contracts can include warranties or service contracts; a warranty is a promise by the insurer to fix or replace the insured item, while a service contract involves the buyer paying extra for the seller to fix specified issues for a predetermined period.