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Contracts are written agreements that are legally enforceable by law.
Insurance is the transfer of risk from the insured to the insurance company. This is accomplished through a contractual arrangement under which the insurance company, in consideration of the premium paid by the insured and their promise to abide by the provisions of the contract, promises to indemnify the insured or pay an agreed amount, in the event of the specified loss. The instrument through which this transfer of risk is accomplished is the insurance policy.
A great deal of the law that has shaped the formal structure of insurance and influenced its content is derived from the general law of contracts. However, because of the many unique aspects of the insurance transaction, the general law of contracts has had to be modified to fit the needs of insurance.
A tort is a private, civil, noncontractual wrong for which a remedy through legal action may be sought. A tort can be either intentional or unintentional. Insurance generally will only respond to unintentional torts (losses other than those acts by an insured that are deliberate and intended to cause loss or damage).
An intentional tort is any deliberate act that causes harm to another person regardless of whether the offending party intended to injure the aggrieved party. For the purpose of this definition, breach of contract is not considered an intentional tort.
An unintentional tort is the result of acting without proper care. This is generally referred to as negligence.