Flashcards
insurace contract
Flashcards do conjunto (15)
- 1Characteristics for the insurance contractcompetent parties
legal purpose
offer and acceptance(agreement)
consideration - 2offer and acceptancethe contact involves two parties who make an offer and one who accepts it also called an agreement
- 3considerationconsideration the insured gives is the premium payment
- 4contract of indemnityprincipal of indemnity states that when a loss occurs an individual should be restored to approximate financial condition he was in before the loss
- 5personal contractan insurance contract does not insure property it insures the person who owns the property
- 6aleatoryan 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
- 7Adhesionmeans that one part has greater power over the other party In drafting the contract
- 8Doctrine of reasonable expectationsstates that the policy includes coverages that an average person would reasonably expect it to include regardless of what the policy actually provides
- 9Unilateralone sided
- 10utmost good faiththe insurance contact relies on the truthfulness and integrity of the applicant when issuing the policy
- 11Policy Structure (DICE)Declarations Insuring Agreement Conditions Exclusions
- 12DeclarationsWho is insured
- 13Insuring AgreementWhat is covered and what isn't
- 14ConditionsRules
- 15Exclusionswhat isnt covered
Informações
- Descrição
- property and casualty insurance
- Criado por
- auktobherrhianne
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- 35
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