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14 Cards in this Set
- Front
- Back
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Expressed authority
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written in contract
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Implied authority
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Not written in contract but in ins company knows about it
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Apparent authority
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What others assume your authority is
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Broker
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Represents the buyer
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Elements of a legal contract
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CLOAC
Competency Legal purpose Offer and Acceptance Consideration-Insured promises to pay premiums in exchange for DB |
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Unilateral contract
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Exchange of an act for a promise
-only the insurer is legally bound to do anything once the contract is inforce |
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Contract of adhesion
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Contract must be accepted by the insured exactly as written by the company.
-Can take it or leave it |
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Aleatory contract
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Unequal exchanges between parties
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Personal contract
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Ownership cannot be changed
-LI is NOT a personal contract as ownership can transfer |
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Concealment
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Intentional WITHOLDING of info
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Fraud
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Intentional MISREPRESENTATION-lie
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Warranties
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Statements considered to be guaranteed or true
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Waiver
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the voluntary relinquishment of a known right
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Estoppel
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Preventing the re-insertion of that know right that was previously waived.
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