2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
MA Property and Casualty Insurance
Questions and Correct Answers | Latest
Update
Agreement
✓ -:- The offer and acceptance
Consideration
✓ -:- Exchange of values (premium paid vs promise to pay claims)
Legal purpose
✓ -:- Contract cannot be enforced if based on illegal
Unilateral
✓ -:- Developed by one party
Adhesion
✓ -:- Drafted by insurer and accepted by applicant
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,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
Aleatory
✓ -:- One party may recover more in value than he or she has parted
with
Conditional
✓ -:- Both insurer and insured must satisfy specific conditions in order
for the contract to be executed
Personal
✓ -:- Agreement is between the insurer and named insured
Good faith
✓ -:- Insurer and insured rely on statements of one another
Representation
✓ -:- Statement made by applicant that is true
2|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
Misrepresentation
✓ -:- Incorrect statement made by applicant
Material Misrepresentation
✓ -:- Would have caused insurer to reject the application
Warrenty
✓ -:- Statement made by applicant that is tota lly and unequivocally true
(promise by insured upon which coverage is based)
Concealment
✓ -:- Failure to disclose material facts
Fraud
✓ -:- Intentionally or deliberately deceiving
3|P a g e | G r a d e A + | 2 0 2 0 2 5
MA Property and Casualty Insurance
Questions and Correct Answers | Latest
Update
Agreement
✓ -:- The offer and acceptance
Consideration
✓ -:- Exchange of values (premium paid vs promise to pay claims)
Legal purpose
✓ -:- Contract cannot be enforced if based on illegal
Unilateral
✓ -:- Developed by one party
Adhesion
✓ -:- Drafted by insurer and accepted by applicant
1|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
Aleatory
✓ -:- One party may recover more in value than he or she has parted
with
Conditional
✓ -:- Both insurer and insured must satisfy specific conditions in order
for the contract to be executed
Personal
✓ -:- Agreement is between the insurer and named insured
Good faith
✓ -:- Insurer and insured rely on statements of one another
Representation
✓ -:- Statement made by applicant that is true
2|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
Misrepresentation
✓ -:- Incorrect statement made by applicant
Material Misrepresentation
✓ -:- Would have caused insurer to reject the application
Warrenty
✓ -:- Statement made by applicant that is tota lly and unequivocally true
(promise by insured upon which coverage is based)
Concealment
✓ -:- Failure to disclose material facts
Fraud
✓ -:- Intentionally or deliberately deceiving
3|P a g e | G r a d e A + | 2 0 2 0 2 5
