Offeror vs offeree Study guides, Class notes & Summaries

Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

Representations and Warranties - Answer- Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer- Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losse...

Essential elements of a contract - ANSWER 1. Mutual Assent 2. Consideration 3. Legal Contractual capacity of the parties 4. Lawful objective and means of accomplishing objective 5. In writing Offeror vs. Offeree - ANSWER Offeror makes the offer, offeree accepts Counteroffer - ANSWER Rejects the original offer Methods of acceptance - ANSWER -Oral communication - Personal delivery - Electronically - mail Mailbox Rule - ANSWER As long as it leaves the offeror's possession its ...

Webce Life and HealthRepresentations and Warranties - correct answer Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - correct answer Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes...

Representations and Warranties correct answersRepresentations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments correct answersTwo related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate fu...

GDL Contract Law Revision Notes(Distinction Level) 2023 GRADED A Contract Law Notes Agreement and Contractual Intention Agreement: In order for parties to reach an agreement, one party must make an offer which is acceptedby the other. ‘Offer’: Professor Treitel: ‘an expression of willingness to contract on certain terms, madewith the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed.’ ‘Offeror’: Person who makes the offer....

Representations and Warranties - ANSWER Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - ANSWER Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses ...

Webce Life and HealthRepresentations and Warranties - answer-Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - answer-Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help...

Webce Life and Health Exam Questions and Answers | Verified & Updated 2024 Representations and Warranties - Answer ️️ -Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Answer ️️ -Two related insurance company functions. Through the process of _________, applications are assessed for insurability and ...