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Life Insurance: Contract Law| latest
|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED SOLUTIONS |
GET IT 100% ACCURATE!!
Contract law - (ANSWER)Law that refers to agreements between individuals and
entities that are binding
Tort Law - (ANSWER)Law that defines and enforces duties and rights among
private individuals that are not based on contractual agreements
Concealment - (ANSWER)Occurs when a person withholds a material fact that is
crucial to making a decision. In insurance, this involves withholding information
that would be crucial to underwriting decisions.
Contract - (ANSWER)An agreement that is enforceable by law is known as a/an
Competent Party - (ANSWER)Both parties be of legal age, mentally competent to
understand the contract, and not under the influence of drugs or alcohol.
The injured party has the right to rescind the contract whenever there is... -
(ANSWER)A violation of a material warranty, intentional or unintentional
concealment, or intentional or fraudulent omissions.
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Insurance policy is - (ANSWER)A written instrument in which a contract of
insurance is set forth.
Unilateral Contract - (ANSWER)Only one of the parties to the contract is legally
bound to do anything.
Concealment - (ANSWER)The withholding of information that will result in an
imprecise underwriting decision.
According to CIC 355, a representation may be... - (ANSWER)Altered or
withdrawn before the insurance is affected, but not afterwards.
What is a definition of a unilateral contract? - (ANSWER)One-sided: only one
party makes an enforceable promise.
According to CIC 443, every express warranty made at or before the execution of
a policy must be... - (ANSWER)Contained in the policy itself, or in another
instrument signed by the insured and referred to in the policy.
Representations in insurance contracts qualify as - (ANSWER)Implied warranties.
Contract of Adhesion - (ANSWER)Prepared by only the insurer; the insured's only
option is to accept or reject the policy as it is written.
Life Insurance: Contract Law| latest
|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED SOLUTIONS |
GET IT 100% ACCURATE!!
Contract law - (ANSWER)Law that refers to agreements between individuals and
entities that are binding
Tort Law - (ANSWER)Law that defines and enforces duties and rights among
private individuals that are not based on contractual agreements
Concealment - (ANSWER)Occurs when a person withholds a material fact that is
crucial to making a decision. In insurance, this involves withholding information
that would be crucial to underwriting decisions.
Contract - (ANSWER)An agreement that is enforceable by law is known as a/an
Competent Party - (ANSWER)Both parties be of legal age, mentally competent to
understand the contract, and not under the influence of drugs or alcohol.
The injured party has the right to rescind the contract whenever there is... -
(ANSWER)A violation of a material warranty, intentional or unintentional
concealment, or intentional or fraudulent omissions.
, 2
Insurance policy is - (ANSWER)A written instrument in which a contract of
insurance is set forth.
Unilateral Contract - (ANSWER)Only one of the parties to the contract is legally
bound to do anything.
Concealment - (ANSWER)The withholding of information that will result in an
imprecise underwriting decision.
According to CIC 355, a representation may be... - (ANSWER)Altered or
withdrawn before the insurance is affected, but not afterwards.
What is a definition of a unilateral contract? - (ANSWER)One-sided: only one
party makes an enforceable promise.
According to CIC 443, every express warranty made at or before the execution of
a policy must be... - (ANSWER)Contained in the policy itself, or in another
instrument signed by the insured and referred to in the policy.
Representations in insurance contracts qualify as - (ANSWER)Implied warranties.
Contract of Adhesion - (ANSWER)Prepared by only the insurer; the insured's only
option is to accept or reject the policy as it is written.
