26.1-30-01. Insurance policy defined - Requirements

26.1-30-01. Insurance policy defined - Requirements An insurance policy is the written insurance contract. It must specify: 1. The parties between whom the contract is made. 2. The rate of premium. 3. The property or life insured. 4. The interest of the insured in the property insured if the insured is not the absolute owner of the property. 5. The risks insured against. 6. The period during which the insurance is to continue.