Insurance law is largely based on the law of contracts. However we don't call it an insurance contract...what do we call it? What are the essential terms of this insurance arrangement? In other words why do people get insurance? What do we call the consideration given by the insured party in exchange for insurance? What is an insurable interest? When does one need to establish an insurable interest in a life insurance policy? In a property insurrance policy? What is an incontestability clause? What is a coinsurance clause? What is the difference between Whole life insurance and Term life insurance? What is a cash surrender value?