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17 Cards in this Set
- Front
- Back
Large |
This needs to be part of a large group |
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C |
Loss of coverage cannot be catastrophic |
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H |
Economic hardship |
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U |
Uncertain accident on do of chance |
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M |
Measurable and definite |
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P |
Predictable |
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Principle of indemnity |
Basic principle if insurance that says the goal of insurance is to restore one back to his previous condition that excited before the loss |
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Cloc |
Competent parties, legal purpose, consideration, offer & acceptance |
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Insurance policy |
The written instrument in which a contract of insurance is a set forth |
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Aleatory |
Type of contract which involves an unequal exchange between the parties |
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Aleatory |
Contract based on UNKOWN or CONTINGENT events |
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Adhesion |
One party writes contract and other party must accept it with very little input or as is |
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Conditional contract |
Certain conditions must be met by one party before other party required to perform |
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Utmost good faith |
Each party should be able to rely upon the statement or representations made by the other party |
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Unilateral |
Only one party to contact has made enforceable promise |
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Concealment |
Neglect to communicate that which a party knows and ought to communicate |
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Material = |
Important |