Which of the Following Best Describes a Conditional Insurance Contract

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The indemnity principle has practical significance both for the insurer and for society. Ephori pronounced Eh-four-rye London is a luxury brand that creates bespoke bracelets for men comprising of semi-precious natural stones and personalised bracelet plates.

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Also known as a conditional sales contract the seller allows the purchaser to.

. A condition is a provision of a contract that restricts the rights provided for in the contract. Which of the following is the correct term when a contract is prepared by one party and submitted to the other party on a take-it or leave-it basis and where there is no bargaining power on the wording of the contract. A life insurance contract which accumulated cash values higher than the IRS will allow.

3- The insurance contract is a conditional contract. As discussed in Chapter 9 Fundamental Doctrines Affecting Insurance Contracts an insurance policy is a contractual agreement subject to rules governing contractsUnderstanding those rules is necessary for comprehending an insurance policy. It forms a conditional contract between the applicant and the insurance company and gives the insurance company time to process the application and 10.

A contract is a legal agreement between two or more competent parties that promises a certain performance in exchange for a certain consideration. Which of the following statements best describes an element of an insurable risk. The purpose of the insurance contract isor should beto restore the insured to the same economic position as before the loss.

Temporary cover ensures that your beneficiaries will be paid during the period specified in the insurance contract regardless of the final result 21. C Accidental death benefits are paid only if death results from accidental bodily injury as defined. B Death benefits are paid only if death occurs within 24 hours of an accident.

Conditional contract FMPedia Wiki Fm Glossary 3. The conditions section of an insurance policy outlines various obligations that must be fulfilled for the contract to be enforced. Although a contract of insurance can be oral it is usually written.

Insurance contracts are unilateral contracts. Conditional exchange of contracts refers to the process of entering into a contract that becomes binding only if certain condition is fulfilled or the specified event occurs. Only the insurer has covenanted any further action and only the insurer can be held liable for breach of contract.

For example a contract to sell a property subject to receiving the planning permission. 5 1 review 9. It is not enough however.

Only the insurance company has legal obligations. How long you have to report a loss. A a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract.

Even when a loss is suffered certain. The application is submitted. A condition is a provision of a contract which limits the rights provided by the contract.

Chapter 10 Structure and Analysis of Insurance Contracts. Not a personal contract B a conditional contract C a contract of adhesion D all of the above. Which of the following BEST describes a conditional insurance contract.

We will be spending quite a bit. If insureds could gain by having an insured loss some would deliberately cause losses. If the insured should die theinsurer will pay the death benefit to the beneficiary if the policy isapproved.

The new decision removes the stretching provision which means that all funds including pension contracts in the retirement account must be withdrawn under the ten-year rule. A contract that requires certain conditions or acts by the insured individual. In addition to being executory aleatory adhesive and of the utmost good faith insurance contracts are also conditional.

An insurance contract is conditional. How to report a loss. C a contract must be in writing.

The proposed insured makes thepremium payment on a new insurance Definition. A type of conditional contract is an option agreement. When an insurance company agrees to pay for an insureds losses in exchange for a certain premium the two parties have entered into a contract.

An example of risk sharing would be. Conditional An insurance contract is conditional in that certain conditions must be met before the contract can be legally enforced Authorization Authority is the actions and deeds an agent is authorized to conduct on behalf of an insurance company as specified in the licensees contract. How property will be valued.

If the event does not materialize no benefits are paid. A contract that requires certain conditions or acts by the insured individual A contract that has the potential for the unequal exchange of consideration for both parties A contract where one party adheres to the terms of the contract A contract where only one party makes any kind of enforceable contract. Which of the following BEST describes a conditional insurance contract.

The option is given to a party to buy a particular property within a particular amount of time. Insurance conditions may include. Conditional Treaty The National Alliance 2.

The loss must be. Chapter 2 Contract Law. The loss must be due to chance.

Some conditions apply to the insured while others apply to the insurer. An insured stated on her application for life insurance that she had never had a heart attack when in fact she. A contract that requires certain conditions or acts by the insured individual Rating.

Which of the following BEST describes a conditional insurance contract. This means that the insurers promise to pay benefits depends on the occurrence of an event covered by the contract. All of the following statements concerning Accidental Death and Dismemberment coverage are correct EXCEPT a Accidental death and dismemberment insurance is considered to be limited coverage.

Conditional Insurance Agreement. The insurer approves the application and receives the initial premium. If a party does not call on the other party to sell them the property or buy the property at the set price within the option period it lapses.

B a contract is an agreement enforceable at law. An agent explains a policy to a potential applicant. A conditional sales agreement is a contract that involves the sale of goods.

The agent hands the policy to the policyholder. The personalised bracelet plates are designed with your name initialsYour name defines you and using your name initials creates a unique and special connection to the bracelet. 3 The insurance contract is a conditional contract a Course Hero 4.

Chapter 3 Legal Concepts Of Insurance Of The Insurance Contract Flashcards Quizlet

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