Property and Casualty Insurance KY Chapter 2 -The insurance contract well answered rated A+ 2024

Property and Casualty Insurance KY Chapter 2 -The insurance contract ELEMENTS OF A VALID CONTRACT (AGREEMENT) - correct answer Competent parties (15 Y KY) (16 Y IN) Legal purpose Offer and acceptance (agreement) (offer=applicant) (acceptance=Insurance) Consideration HH QUESTION : all of the following are elements of valide contract EXCEPT - correct answer Written instruments ????? Legal Purpose of a contract. - correct answer is that it be formed for a legal purpose. A contract that is against public policy (offensive to the best interests of the public) or in violation of the law is not enforceable. Offer and Acceptance - of valid contract - correct answer the contract involves two parties: one who makes an offer and one who accepts it. This is also called agreement. Consideration (element of valid agreement) - correct answer is a thing of value exchanged for the performance promised the contract. indemnity. ( characteristic of insurance contract) - correct answer states that when a loss occurs, an individual should be restored to the approximate financial condi- tion he was in before the loss, no more and no less. (>>>>>>NO GAIN, NO LOSS) - correct answer >>>>>>>>INSURANCE DOES NOT WIN OR LOSE ALEATORY (characteristic of insurance contract) - correct answer means it is contingent on an uncertain event (a loss).