Property And Casualty Insurance

Front 1

Contact. What are the four characteristics of a legal contact

Back 1

Contact - legal agreement between two parties

Characteristics of a legal contract

1. competent parties

2. legal

3. offer and acceptance

4. Consideration - the insurer gives the promise to pay for a certain losses suffered by the insured.

Front 2

Principal of Indemnity

Back 2

When a loss occurs an individual should be restored to the approximate financial condition.

Front 3

Personal

Back 3

covers the person not the property

Front 4

Aleatory

Back 4

is contingent on an uncertain event a loss that provides for unequal transfer of value between the parties

Front 5

Adhesion

Back 5

the contract is created by one party which in most cases means the insured

Front 6

Doctrine of reasonable

Back 6

Used if parties were to get the court. The court would relay on doctrine of reasonable

Front 7

Unilateral

Back 7

only one party is legal bounded to the contract

Front 8

Contract of utmost good faith

Back 8

Both parties relies on the truthfulness of the other

Front 9

Conditional

Back 9

Insurance contract comes with conditions

Front 10

What are the four parts of an insurance agreement and definitions?

1.

2.

3.

4.

Back 10

1. Declarations - Client General Info 2. Insuring agreement - what is to be covered example house car or boat.3. Conditions - Rules of the contract4. Exclusions - what is to be excluded.