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6 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Personal |
Insurance contract does not insure property; it insures the person who owns the property |
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Aleatory |
Contingent on uncertain event that provides for unequal transfer of value between parties |
The insurance contract is this |
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Adhesion |
One party has greater power over the other party in drafting the contract. |
Prepared by insurer |
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Unilateral |
Only insurance is legally bonded to perform |
One sided |
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Contract of utmost good faith |
Insurance company relies on the truthfulness and integrity of the application when issuing policy Insured relies on insurance company to keep promise |
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Conditional |
Both parties must comply with. |
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