The insurance strategy is a contract generally a standard form contract between the safety net provider and the safeguarded, known as the policyholder, which decides the claims which the back up plan is legally required to pay. The insurance arrangement is generally an integrated contract, meaning that it incorporates all forms associated with the agreement between the guaranteed and insurer. In exchange for an initial payment, known as the premium, the safety net provider promises to pay for shortfall caused by risks secured under the strategy language. Oral contracts pending the issuance of a composed arrangement can occur. Insurance contracts are intended to address explicit issues and hence have many features not found in many different kinds of contracts. Since insurance approaches are standard forms, they feature boilerplate language which is similar across a wide variety of various sorts of insurance policies.