ABSTRACT
The word policy means in general a course or plan of action or administration. During the Middle Ages it was used to designate memoranda. In England, it has been applied to “a warrant or ticket for money in the public funds.” In the United States it is applied to a gambling game. From these varied definitions and uses has arisen its universal employment to designate comprehensively a written instrument embodying a contract of insurance involving contingencies and probabilities. In life insurance a policy contract is one involving the contingency of death, in combination with interest, in which the minds of the parties have met and agreed upon the terms and conditions of the underwriting.
