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Insurance Contract

The Insurance Contract (Property and Casualty)

Which of the following individuals would be classified as incompetent under insurance law? A 14 year old honor student; A man under the influence of alcohol; A customer who buys a policy under duress
Which of the following is (are) essential elements of a contract? A "meeting of the minds" of the parties involved; An exchange of something of value
All of the following are essential parts of a contract EXCEPT a (an) written instrument
Which of the following contracts can be legally enforced? Neither a contract that encourages results against the public interest nor a contract in which the insured has no insurable interest in the property
Part of the insured's consideration in a property insurance contract is the payment of the premium by the insured
All of the following are primary parts of an insurance policy EXCEPT the: covered perils
Which of the following is (are) legally competent and therefore able to enter into a legally binding contract? A 15 year old female in Kentucky or a 16 year old male in Indiana wanting to purchase insurance
Which of the following can be legally enforced? A contract for which there is no written agreement but there is an oral agreement; A binder which is not preceded by payment of the first premium
A contract in which only one of the parties to the contract sets forth the terms and conditions of the agreement and the other party to the contract must accept those terms and conditions on a "take it or leave it" basis is referred to as a contract of adhesion
In Property and Casualty insurance, the part of the policy which defines and describes the type of property and the perils to be covered is called the insuring agreement
The time limit for bringing suit against an insurance company is found in the policy conditions
The part of the policy that defines and describes the scope of the coverages provided is referred to as the insuring clause
The portion of the policy that specifies exactly what items will be covered and the dollar amounts of the coverages is called the declarations
The principle that maintains an individual should not be permitted to profit from the existence of an insurance contract, but should be restored to the same financial condition which existed before a loss would best describe The Principle of Indemnity
Created by: BGeisert
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