insurace contract

auktobherrhianne
Flashcards by auktobherrhianne, updated more than 1 year ago More Less
auktobherrhianne
Created by auktobherrhianne almost 4 years ago
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property and casualty insurance
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Question Answer
Characteristics for the insurance contract competent parties legal purpose offer and acceptance(agreement) consideration
offer and acceptance the contact involves two parties who make an offer and one who accepts it also called an agreement
consideration consideration the insured gives is the premium payment
contract of indemnity principal of indemnity states that when a loss occurs an individual should be restored to approximate financial condition he was in before the loss
personal contract an insurance contract does not insure property it insures the person who owns the property
aleatory an insurance contract is aleatory which mean it is contingent on an uncertain event (a loss) that provides for unequal transfer of value between two parties
Adhesion means that one part has greater power over the other party In drafting the contract
Doctrine of reasonable expectations states that the policy includes coverages that an average person would reasonably expect it to include regardless of what the policy actually provides
Unilateral one sided
utmost good faith the insurance contact relies on the truthfulness and integrity of the applicant when issuing the policy
Policy Structure (DICE) Declarations Insuring Agreement Conditions Exclusions
Declarations Who is insured
Insuring Agreement What is covered and what isn't
Conditions Rules
Exclusions what isnt covered
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