A contract whereby, foi a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the “insurer” or “underwrit er;” the other, the “insured” or “assured;” the agreed consideration, the “premium;” the written contract a “policy;” the events insured against, “risks” or “perils;” and the subject, right, or interest to be protected, the “insurable interest.” 1 Phil. Ins.