115808
Description
Flashcards by Det Ferraris, updated more than 1 year ago
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Created by Det Ferraris
almost 11 years ago
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| Question | Answer |
| Violations of a material warranty warrants for the contract to rescind. | Violations of a material warranty warrants for the contract to rescind. |
| Express Warranty | When its contained in an application in writing and also on the policy. |
| Implied Warranty | Not in Life and Health Insurance. Exist even though its not in writing. |
| (memorize) Representation=Implied Warranties Representation=Written/Oral Implied Warranties=Written/Oral | (memorize) Representation=Implied Warranties Representation=Written/Oral Implied Warranties=Written/Oral |
| (memorize) Information that does not need to be communicated in a contract. | - known information -info that should be known -info the other party waives -info that is not material to the risk |
| Matters of Opinion CIC 339 | Personal Opinions are NEVER required to be communicated in a contract. |
| Warranty | Statement made on an application that is warranted as true in all aspects. Must literally be TRUE to be binding. |
| Material | material=important |
| (memorize!) Materiality of concealment is the rule used to determine the importance of a representation (misrepresentation) | (memorize!) Materiality of concealment is the rule used to determine the importance of representation (misrepresentation) |
| Fraud | an INTENTIONALLY false representation or concealment of a material fact with the intent and result that it be acted upon by another party. |
| Rescission | Legal remedy that VOIDS an existing contract and restores both parties to their prior situations. |
| When insurer can Rescind | 1. Intentional fraud/ommission 2. Misrepresentation |
| Representation | Written/Oral response to questions on application. |
| Promise | A representation as to the future, unless it is merely a belief or an expectation. |
| (Memorize!) Representation can be altered/withdrawn BEFORE the execution of the contract but not AFTERWARDS | (Memorize!) Representation can be altered/withdrawn BEFORE the execution of the contract but not AFTERWARDS |
| Misrepresentation | False/Untrue representation (written/oral response to application) |
| Concealment | Neglect to communicate that which a party knows and ought to communicate. Intentional/Unintentional, can rescind (void) contract. |
| (Memorize!) Representation is FALSE when it FAILS TO CORRESPOND with its ASSERTIONS AND STIPULATIONS. | (Memorize!) Representation is FALSE when it FAILS TO CORRESPOND with is ASSERTIONS AND STIPULATIONS. |
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