The centerpiece of the insurance business is the Insurance Contract. Entering into an insurance contract is both the "conclusion point" of a series of activities i.e introducing, consulting products directly performed by an insurance company, or through intermediaries (insurance agents, insurance brokerage); but also is the "opening point" of the interaction journey between the insurance enterprise and the policyholder, the insured or the beneficiary. 

So, what is an Insurance Contract?

Generally speaking, it refers to an agreement between a policyholder and an insurance enterprise, whereby the policyholder shall pay the premium and insurance enterprise must pay the beneficiary or indemnify the insured when an insured event occurs. Due to the distinctive nature of this transaction, the Law on Insurance Business requires Insurance Contract to be made in writing, which can be shown under names such as Insurance Certificate, Policy.

Subjects of Insurance Contract includes:

• ¬ Insurance enterprise refers to an enterprise established, organized, and operating following Law on Insurance Business and other relevant laws and regulations.
• ¬ Policyholder refers to an organization or individual that enters into an insurance contract with an insurance enterprise and pays the premium. The policyholder can be either the insured or the beneficiary.
• ¬ Insured refers to an organization or individual whose property, civil liability, and life are insured under the insurance contract. The insured can be the beneficiary at the same time.
• ¬ Beneficiary refers to an organization or individual appointed by the policyholder to receive the premium under the personal insurance contract. 

Moreover, the Law on Insurance Business also provides the minimum contents that must be included in an insurance contract, including:

1. a) Names and addresses of the insurance enterprise, the policyholder, the insured or the beneficiary;
2. b) The insured object;
3. c) The sum insured, the insured value of property in case of property insurance;
4. d) Insurance coverage, insurance conditions, insurance terms;
5. e) Exclusion term of insurance liability;
6. f) Term of insurance;
7. g) Premium rate and method of premium payment;
8. h) time limit and method of paying insurance or indemnity;
9. i) The term on dispute settlement;
10. j) Date of signing the contract.

In addition to the above-mentioned compulsory articles, other contents may be supplemented as per parties’ agreement. Moreover, similar to other types of transactions, the contracting parties (the insurance enterprise and the policyholder) may agree to amend and supplement the premium, terms, and conditions of insurance, unless otherwise stated by laws. All these amendments and supplements must also be made in writing.