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LM Chapter 2
The Insurance Contract
| Question | Answer |
|---|---|
| What are the four elements of a contract (CLOC)? | Competent parties, Legal purpose, Offer and accept agreement, Consideration |
| The principle of ___________ states that when a loss occurs an individual should be restored to the approximate financial condition he was in before the loss, no more and no less. | Indemnity |
| An insurance contract is what type of contract? | Personal |
| Means it is contingent on an uncertain event that provides for unequal transfer of value between the parties. For example, an insured may pay premiums fo ryears without having a covered loss. | Aleatory |
| What types of contracts are when one party has greater power over the other party in drafting the contract? | Unilateral |
| This is when the insurance company relies on the truthfulness and integrity of the applicant when issueing a policy. | Contract of utmost good faith |
| What are the 5 parts of an insurance contract (DICED)? | Declaration, Insuring agreement, Conditions, Exclusions, Definitions |
| This is a policy change. | Endorsement |
| This is a plain policy. | Unendorsed |
Created by:
landonhill
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