Question

What best describes "agreement" in the context of an insurance contract?

A) Mutual understanding between parties
B) A legally binding promise
C) A unilateral commitment by the insured
D) A verbal arrangement

Answer 1

The best description of agreement in the context of an insurance contract is mutual understanding between parties.

Step-by-step explanation:

The best description of "agreement" in the context of an insurance contract is A) Mutual understanding between parties. In an insurance contract, agreement refers to the mutual understanding and consent between the insurer and the insured regarding the terms and conditions of the insurance policy.