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21 Cards in this Set

  • Front
  • Back
A contract is a legally enforceable ___ between two or more legally competent parties
Agreement
A contract's agreement is composed of a(n)
Offer and Acceptance
To make a contract legally binding, there must be an exchange of values. This is called what?
Consideration
An individual who handles the legal affairs of a child is called a(n)?
Guardian
An alternative proposal by one of the parties during a contract negotiation is referred to as a
Counter-offer
The applicant's consideration consists of ___ and ____
money (settlement, or payment of the first premium) and statements made in the application.
The insurance company's consideration is the ___ contained in the policy.
Promise
A prepaid application, in legal terms, is considered to be a(n) ____ by the applicant.
Offer
The issuance and delivery of a policy exactly as requested on a prepaid application is legally called a(n)
Acceptance
One form of an interim insuring agreement that makes a qualified promise to the applicant is called a
Conditional receipt
The first premium payment is normally collected by the
Agent
When a Conditional Receipt is issued, the effective date of coverage is the ____ date or the date of the ____, whichever comes last, If the applicant is insurable for the policy applied for on that date.
Application, Medical exam
The concept which states that a person must be in a position to lose something of value in order to buy life or health insurance on someone else is called
Insurable interest
A ____ is the literal or absolute truth.
Warranty
Hiding the truth is referred to as
Concealment
If an applicant lies on an application for insurance, it is called a
Misrepresentation
What are statements made by an applicant that are taken as accurate to the best of his or her knowledge and belief.
Representations
Policies with a face value, such as life insurance policies, are referred to as ____ contracts.
Stated amount (valued)
The voluntary giving up of a legal right is called a
Waiver
What is the act of deception or cheating another in order to financially benefit oneself?
Fraud
As an agent, you are the legal representative of the
Insurance company