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LM Chapter 2

The Insurance Contract

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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