Insurance
Ans- - Transfers the risk of loss from an individual to an insurer
- Based on the principle of indemnity
- Based on the spreading of risk (risk pooling ) and the law of large
Insurable Interest
Ans- - Must exist at the time of application
- Insuring one's own life, family member, or...
Ans- - Transfers the risk of loss from an individual to an insurer
- Based on the principle of indemnity
- Based on the spreading of risk (risk pooling ) and the law of large
Insurable Interest
Ans- - Must exist at the time of application
- Insuring one's own life, family member, or a business partner
Elements of a Legal Contract
, Ans- - Agreement: offer and acceptance
- Consideration: premiums and representations on the part of the insured;
payment of claims on the part of
the insurer
- Competent parties: of legal age, sound mental capacity, and not under the
influence of drugs or alcohol
- Legal purpose: not against public policy
Contract Characteristics
Ans- - Adhesion: one party prepares the contract; the other party must accept
it as is
- Aleatory: exchange of unequal amounts
- Conditional: certain conditions must be met
- Unilateral: only one of the parties to the contract is legally bound to do
anything
Field Underwriting (By Agent)
Ans- - Application: completed and signed
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