A contract of marine insurance is concluded between the parties when the proposal is accepted by the Insurer. However, the contract is inadmissible as evidence into a court of law unless it is embodied into a marine policy.
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Amount At Risk
The difference between the face amount of a Whole Life Insurance contract and the cash value which it has built up. The net amount at risk declines throughout the life of the contract, while the policy reserve increases along with the cash value. It is the amount the insurer would have to draw from its own funds rather than the policy reserve were the contract to become a death claim.