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and policyholder expectations resulting from the nature of the insurer's obligations. Features of insurance contracts. In general, an insurance contract Moreshwar Madan].5Therefore, an insurance contract is a legally binding agreement between an insurance company(indemnifier) and the insured (indemnity holder). b) Commercial considerations related to the nature of insurance efr.be/documents%5Cpublication%5C76309EPP%202007.pdf. b) Commercial considerations related to the nature of insurance efr.be/documents%5Cpublication%5C76309EPP%202007.pdf. decent burial and support in sickness and poverty. By the middle of the 14 th century, as evidenced by the earliest known insurance contract (Genoa, 1347). wonderful principle of nature known as the law of large numbers. Simply put, it states that the more the number of members who are insured, the more likelyMost insurance contracts are expressed in terms of money, although some compensate insureds by providing a service. A life insurance contract obligates the