Policy Structure or key elements :

i. Heading – The name of the insurer and other particulars regarding the issuing office- the name of the policy etc.

ii. Preamble – This contains relevant information regarding the subject matter of insurance, the locations, identity, value, and period of insurance required etc.

iii. Signature – The signature of an authorized official empower to accept the offer of the proposer and issue a policy.

iv. Operative or insuring clause- States the peril(s) which are to be insured against.

Exclusions – States the various conditions under which the policy will not pay.