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Commercial Lines 101

Insurance Definition Part 3

TermDefinition
Acceptance Approval of the offer made
Aleatory Contract Agreement concerned with an uncertain event that provides for unequal transfer of value between the parties
Concealment A willful or intentional omission of material information
Conditional Contract A contract in which the performance of some or all terms of the agreement are dependent upon a condition
Consideration value received to bind a contract
Contract A binding agreement between two or more persons that is enforceable by law
Contract of Adhesion A contract offered intact to one party by another under circumstances requiring the second party to accept or reject the contract in total, without having the opportunity to bargain over the wording
Doctrine of Good Faith Requires that both parties to an insurance contract must honestly disclose all relevant information
Insurable Interest The insured’s financial interest in the value of the subject of insurance
Legal Capacity The right to make binding agreements for oneself
Legal Purpose Element of an agreement that makes it legal & enforceable.
Offer An act or willingness to enter into an agreement with another party
Personal Contract A contract solely between one party & another; nontransferable
Principle of Indemnity Stipulates that a loss payment will replace what is lost, putting the insured back to where it was financially prior to the loss, without rewarding or penalizing the insured for its loss.
Representation Statement made in an application for insurance that the applicant represents as being correct to the best of his or her knowledge
Subrogation The assignment to an insurer by terms of the policy or by law, after payment of a loss, of the rights of the insured to recover the amount of the loss from one legally liable for it
Unilateral Contract A contract in which only one party makes an enforceable promise
Warranties A statement of fact given to the insurance carrier by the insured concerning the insured risk which, if untrue, will void the policy
Created by: jcmartinez,jm4
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