North Carolina Property and
Casualty Exam Terms FREQUENTLY
TESTED QUESTIONS AND STUDY
GUIDE / EXPERT VERIFIED FOR
GUARANTEED PASS/ALREADY
GRADED A+
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Terms in this set (181)
A legal agreement between two
competent parties that promises a
Contract
certain performance in exchange
for a certain consideration
Competent parties
Contracts must Legal Purpose
exhibit: Offer and Acceptance
Consideration
When a loss occurs, an individual
should be restored to the
Principle of
approximate financial condition he
indemnity
was in before the loss, no more or
no less
A contract contingent on an
uncertain event (A loss) that
Aleatory
provides for unequal transfer of
value between two paries
, One party has greater power over
Adhesion
the other party in drafting the
(Contracts)
contract
One Sided; Only the insurance
Unilateral
company is legally bound to
(Contracts)
perform its part of the agreement
The truthfulness and integrity of the
Contract of
applicant when providing
utmost good
information that leads to issuing a
faith (Contracts)
policy.
A number of conditions that both
Conditional the insured and the insurer most
(Contracts) follow by in order to keep the
contract valid
Declarations
Five parts of an Insuring Agreements
insurance Conditions
contract Exclusions
Definitions
Name of Insured
Address
Declarations
Amount of Coverage
(Contain)
Description of Property
Perils covered
Casualty Exam Terms FREQUENTLY
TESTED QUESTIONS AND STUDY
GUIDE / EXPERT VERIFIED FOR
GUARANTEED PASS/ALREADY
GRADED A+
Save
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
, Continue studying in Learn
Terms in this set (181)
A legal agreement between two
competent parties that promises a
Contract
certain performance in exchange
for a certain consideration
Competent parties
Contracts must Legal Purpose
exhibit: Offer and Acceptance
Consideration
When a loss occurs, an individual
should be restored to the
Principle of
approximate financial condition he
indemnity
was in before the loss, no more or
no less
A contract contingent on an
uncertain event (A loss) that
Aleatory
provides for unequal transfer of
value between two paries
, One party has greater power over
Adhesion
the other party in drafting the
(Contracts)
contract
One Sided; Only the insurance
Unilateral
company is legally bound to
(Contracts)
perform its part of the agreement
The truthfulness and integrity of the
Contract of
applicant when providing
utmost good
information that leads to issuing a
faith (Contracts)
policy.
A number of conditions that both
Conditional the insured and the insurer most
(Contracts) follow by in order to keep the
contract valid
Declarations
Five parts of an Insuring Agreements
insurance Conditions
contract Exclusions
Definitions
Name of Insured
Address
Declarations
Amount of Coverage
(Contain)
Description of Property
Perils covered
