Florida Health 240 Insurance (100% Error-free solutions)

Rules of Construction correct answers Help to identify and establish the intent of the parties to the contract Utmost good faith correct answers Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract correct answers A contract under which one party's performance is contingent on an uncertain event. property and casualty agent correct answers has the power to bind the insurer Adhesion Contract correct answers Insurance company drafts contract and the insured adheres to it. Any ambiguity resolved in favor of the insured. Unilateral contract correct answers Insured has completed paying the premium, only one party of the contract is legally required to do something. Insured promises to pay the death benefit in the event of loss. Can not be held for breach of contract. Conditional contract correct answers This type of contract is conditional because the company only pays on condition of a loss. Personal Contract correct answers The contract is between the insured and the insurer warranty correct answers guarantee; assurance by seller. Any breach provides grounds for voiding the contract. representation correct answers a statement believed to be true to the best of one's knowledge. false pretenses correct answers When an uninsurable individual applying for insurance may ask another person to substitute for him to take the physical examination. Misrepresentation correct answers A false statement or lie that can render the contract void. concealment (n) correct answers The failure to disclose material facts. Grounds for recission by either party. Material Information or facts correct answers Something crucial to acceptance of the risk. fraud (n) correct answers An intentional act designed to deceive and induce another party to part with something of value. Parol Evidence Rule correct answers Rule of law disallowing oral evidence which disputes a written agreement.