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8 Cards in this Set
- Front
- Back
- 3rd side (hint)
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ELEMENTS IF AN INS. CONTRACT |
1. Due to Chance 2. Definitive & Measurable. 3. StasticallyPredictable. |
C |
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Random-Selection |
Every “Carrier” has the right to set their own “Underwriting Guidelines. |
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ADVERSE - SELECTION |
“To be Avoided by Carriers” |
Insurance policy f a Poorer Risk. |
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DIFFERENT PARTS OF A Contract |
1. Competent - Parties 2. Legal Purpose/Legal Object 3. Offer and Acceptance 4. Consideration-“Premium” |
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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 |
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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 |
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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. |
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CONTRACT Nature of the-Coverage Provided by the Insurer. |
Agreement |
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