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6 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Define Insurance
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An insurance contract is one whereby a party undertakes to indemnify another for loss or pay on determinable contingencies
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Estoppel:
What is it? What is the rule in SC? |
Estoppel occurs when a party relies on the mistaken belief that they were covered for a given contingency to their detriment
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Estoppel does not exist in SC except for when an insurer misleads an insured
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Contract interpretation:
What are the rules? |
Normal rules of k apply, but when ambiguity, resolve in favor of insured
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what is the docrine of reasonable expectations?
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courts make agreement mean what parties intended, not in sc
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Misrepresentations in the application: what must the insurance company show to void a policy for misrep?
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6 elements:
1. untrue statment 2. falsity known to applicant 3. material to the risk 4. reliance by carrier 5. made w/ intent to decieve 6. must challenge within two years |
no causal connection req'd
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what is definition of materiality?
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would the insurer have refused coverage? did increase risk of loss?
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