Bundle for Legal Concepts of the Insurance Contract tests compilation | | everything you need | verified

Elements of the contract - agreement, consideration, competent parties, legal purpose Aleatory - an exchange of unequal amounts or values (premium paid<amount paid by insurer if loss) Adhesion - contract prepared by insurer; accepted or rejected by insured "take-it-or-leave-it" Unilateral - on...

If the agency contract gives the producer the authority to solicit insurance but states nothing about the collection of premiums, the producer normally has authority to collect premiums based on * Implied authority * Express authority * Apparent authority * Licensee authority - Implied authorit...

Which of the following statements regarding insurable interest is NOT correct? A) The applicant must be subject to loss upon the death, illness,or disability of the insured. B) A policy obtained by a person without an insurable interest in the insured can be enforced. C) Generally, the person to ...