Characteristics Of Ideally Insurable Risk

Front 1

Large

Back 1

This needs to be part of a large group

Front 2

C

Back 2

Loss of coverage cannot be catastrophic

Front 3

H

Back 3

Economic hardship

Front 4

U

Back 4

Uncertain accident on do of chance

Front 5

M

Back 5

Measurable and definite

Front 6

P

Back 6

Predictable

Front 7

Principle of indemnity

Back 7

Basic principle if insurance that says the goal of insurance is to restore one back to his previous condition that excited before the loss

Front 8

Cloc

Back 8

Competent parties, legal purpose, consideration, offer & acceptance

Front 9

Insurance policy

Back 9

The written instrument in which a contract of insurance is a set forth

Front 10

Aleatory

Back 10

Type of contract which involves an unequal exchange between the parties

Front 11

Aleatory

Back 11

Contract based on UNKOWN or CONTINGENT events

Front 12

Adhesion

Back 12

One party writes contract and other party must accept it with very little input or as is

Front 13

Conditional contract

Back 13

Certain conditions must be met by one party before other party required to perform

Front 14

Utmost good faith

Back 14

Each party should be able to rely upon the statement or representations made by the other party

Front 15

Unilateral

Back 15

Only one party to contact has made enforceable promise

Front 16

Concealment

Back 16

Neglect to communicate that which a party knows and ought to communicate

Front 17

Material =

Back 17

Important