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Cards In This Set
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Contract of Indemnity
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A contract in which one or more parties to the contract agree to make whole another party to the contract.
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An exchange of value that makes a contract enforceable.
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Consideration - can be monetary or goods/services in lieu.
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Both parties to a contract must have in_____ to enter into a contract.
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Intent.
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A person(s) must have _______ capacity to enter into a contract.
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Legal
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For a contract to be enforceable a one party must make an _______ and the other party must ________.
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Offer .......accept.
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In an insurance contract the written contract is the ___________ put forth by the insurance company.
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Consideration.
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The policy owner must have a _______ interest in the life insured.
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Insurable
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A _________ is a guarantee that the insurance company relies upon in underwriting a policy.
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Warranty
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A fact that, when relied upon by one or more parties to a contract, would have a significant influence the decision to enter into the agreement.
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Material Fact
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_____ is the normal period after which an insurance contract cannot be contested.
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Two years
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Insurance contracts are generally considered to be contracts of ________ _________ _______.
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Utmost good faith.
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A policy comes into effect with the payment of the first premium and the _________________.
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Delivery of the written policy to the policy owner.
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A contract in which one party offers a conditional promise in exchange for the other party meeting specific performance criteria given a specific event taking place is referred to as ___________.
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Aleatory
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Contract of Adhesion.
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A contact in which one party must accept or reject all of the conditions of the contract.
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An amendment to an insurance contract that effectively extends the coverage of the policy is called a ________.
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Rider
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