term1 Definition1term2 Definition2term3 Definition3
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ELEMENTS IF AN INS.
CONTRACT
1. Due to Chance
2. Definitive & Measurable.
3. StasticallyPredictable.
C
Random-Selection
Every “Carrier” has the right to set their own “Underwriting Guidelines.
ADVERSE - SELECTION
“To be Avoided by Carriers”
Insurance policy f a Poorer Risk.
DIFFERENT PARTS OF A
Contract
1. Competent - Parties
2. Legal Purpose/Legal Object
3. Offer and Acceptance
4. Consideration-“Premium”
THE 7 PARTS OF A
POLICY
1. Dec-Page”Declaration Page”
2. Exclusions
3. Additional Coverage
4. Definitions
5. Insurance-Agreement
6. Conditions
7. Endorsements
AN - AGENT
can (Bind Coverage.)—Binding Contracts are (Legal Agreements Between (2) or more Parties which are enforceable. Binding Contracts aren’t always in writing.
An - Agent
Which of the Following are defined as part of the Consideration of a Contract.
1. Statements made in the Application by the Insured.
2. The Payment of the (Premium).
3. Assumption of Responsibility by the Insurer.
Nature of the-Coverage
Provided by the Insurer.
Agreement
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