The provision that states both the policy and the application form the contract is known as what?

The term that defines the provision stating that both the policy and the application form the contract is called the "Entire Contract." This provision ensures that the insurance policy, along with the application submitted by the insured, constitutes the complete agreement between the insurer and the insured. It indicates that no verbal or extraneous statements made by the agent or the insured are part of the contract unless they are included in the written policy or application.

This is significant because it protects both parties by preventing changes to the terms of the contract after it has been issued, ensuring transparency and clarity regarding the insured's rights and obligations. Any modifications or alterations must be in writing and made part of the policy for them to be enforceable.

The other terms mentioned do not accurately reflect this provision. For instance, "Complete Contract" and "Total Contract" do not have established definitions within insurance terminology as it pertains to this context. An "Aleatory Contract," while true in its definition of having an unequal exchange of value, does not signify the completeness or integrity of the contract as is represented by the term "Entire Contract." Therefore, the correct understanding of this provision hinges entirely on recognizing its definition and implications in insurance agreements.