Which term describes an agreement enforceable by law between two or more parties?

The term that describes an agreement enforceable by law between two or more parties is "contract." A contract is a legally binding arrangement that outlines the obligations and rights of each party involved. For a contract to be enforceable, it typically must contain certain essential elements such as mutual consent, a lawful object, consideration, and the capacity of the parties to enter into the agreement.

In the context of insurance and personal lines, contracts usually take the form of insurance policies, which are agreements between the insurer and the insured that delineate the coverage details and conditions. However, not all agreements are contracts; for instance, not every agreement involves legal enforceability. This is where the distinction lies.

The other terms mentioned, such as policy, claim, and agreement, do not fully capture the legal enforceability aspect inherent in a contract. A policy is specifically related to insurance coverage, a claim refers to a request for payment or compensation under an insurance policy, and an agreement, while similar, does not carry the same implication of being enforceable by law unless it meets certain legal criteria to be classified as a contract.