An insurance contract is an agreement between an insurer and a policyholder where the insurer agrees to provide compensation or benefits to the policyholder in exchange for premium payments. The basic elements of a contract include consideration, meeting of the minds, capacity to contract, and offer and acceptance. An insurance contract is considered a unilateral, conditional, aleatory, and contract of adhesion. A policy is the written agreement that details all terms of the insurance contract, including the rights and obligations of both parties. It contains details like policy clauses, general provisions, provisions related to the insured, and other important information.