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Contract Law

Oklahoma Insurance producers

QuestionAnswer
Statements made by the applicant on a insurance application are considered ? Representations
When an insurer must rely on the truthfulness and integrity of the applicant, this is called Contract of upmost good faith
when one party constructs the contract and the other party has NO say in this, it is what type of contract ? Contract of Adhesion
what are the 2 things not required for a legal Binding Contract? Both parties sign and Equal exchange of values
which Contract forces you to except or reject ALL policy provisions ? Contract of Adhesion
if a banana peel on the floor of a grocery store causes a person to fall this is a ? Hazard
what type of hazard would arson be considered ? Moral Hazard
What contract best describes a policy concept that allows the insured to be reimbursed without making a gain ? Contract of Indemnity
Who are the parties of personal contract ? Insurer and the insured
What is a private wrong and not a crime ? Tort
What is an exsample of a Tort? Failure to maintain proper lighting on a walkway or porch
What is Liability imposed upon on party an the result of the actions of another? Vicarious
The tendency for an item to self- destruct is known as a Inherit Vice
Created by: Vtolleson