115006
Description
Flashcards by Det Ferraris, updated more than 1 year ago
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Created by Det Ferraris
over 11 years ago
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| Question | Answer |
| Unilateral | Only of the parties to the contract has made an enforceable promise. |
| Personal | Between individual and the insurer. |
| Imdemnity | Policy is designed to restore one back to the previous condition. |
| Policy Requirements | 1. Parties 2. Property/Person Insured 3. Insurable Interest 4. Perils (Risk Insured) 5. Policy Period 6. Premium |
| Contract | Agreement between two or more parties that is enforceable by law; contract law. |
| C-L-O-C | Elements for a valid contract. C= Competent Parties L= Legal Purpose O=Offer & Acceptance C= Consideration. |
| Competent Parties | Element for a Contract. All party must be: 1. Legal Age 2. Mentally Competent 3. Not intoxicated |
| Legal Purpose | Element for a valid contract. Must be for legal purpose and not illegal. |
| Offer & Acceptance | Elements for a valid contract. Parties have met and are in mutual agreement. |
| Considertion | Elements for a valid contract. Something that is done or promised in return for a contractual promised. |
| Insurance Policy | the WRITTEN instrument in which a contract of insurance is set forth. |
| Aleatory Contract | Contract which involves an unequal exchange between parties. Based on an unknown or contingent event. $70 premium for $1Million Death Benefit Death is the contingent event |
| Adhesion | Only one party writes the contract (insurer). If the insured disputes ambiguous language on contract, court sides with the insured. |
| Conditional | Certain conditions must be met by one party before the other party is required to perform their contractual obligations. |
| Utmost Good Faith | Each party should be able to rely on each others statements or representations. HONEST |
| Contract Law | Body of Law that governs contract enforcement. ex: breach of contract Owed to a specific person. |
| Tort Law | Body of law that governs breaches of duties that exist as a matter of law, not arising from a breach of contract. ex: libel, slander Owed to everyone |
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