Elements of a Legal Contract
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1. Agreement - offer and acceptance
2. Consideration
3. Competent parties
4. Legal purpose
Change of address notification
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, A licensee must notify the superintendent in writing of a change of address
within 2o days failure to notify the superintendent of a change of address
so subject the licensee to a penalty of $50
Moral hazard
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Arises from people's habits and values such as filing a false claim
Six types of insurance
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Property insurance
Casualty insurance
Annuity
Accident and health or sickness
Variable life and variable annuity products
Credit insurance
Authority and powers of insurance producers
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, Express-written in the contract
Implied-Not written but assumed needed to do to conduct regular
business
Apparent-
fraud
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A deliberate deception intended to secure an unfair or unlawful gain
Unilateral Contract
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promise in exchange for an act
Consumer information privacy act
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1. Agreement - offer and acceptance
2. Consideration
3. Competent parties
4. Legal purpose
Change of address notification
Give this one a try later!
, A licensee must notify the superintendent in writing of a change of address
within 2o days failure to notify the superintendent of a change of address
so subject the licensee to a penalty of $50
Moral hazard
Give this one a try later!
Arises from people's habits and values such as filing a false claim
Six types of insurance
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Property insurance
Casualty insurance
Annuity
Accident and health or sickness
Variable life and variable annuity products
Credit insurance
Authority and powers of insurance producers
Give this one a try later!
, Express-written in the contract
Implied-Not written but assumed needed to do to conduct regular
business
Apparent-
fraud
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A deliberate deception intended to secure an unfair or unlawful gain
Unilateral Contract
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promise in exchange for an act
Consumer information privacy act
Give this one a try later!
