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F. Six Specifications for Insurance Policies (CIC 381)

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Every contract of insurance is required to identify the following 6 specific elements:

  1. The parties to the contract;
  2. The persons or property being insured;
  3. A statement of the insurable interest that exists if the insured is not the owner;
  4. The risks insured against;
  5. The time period during which the policy will be in force or continue; and
  6. The stated annual, semi-annual, quarterly, or monthly premium or a statement of the manner in which a premium rate and total premium will later be calculated, if it can only be determined at the termination or expiration of the contract.

Note that an insurer's financial rating is not required to be specified in an insurance policy.