Aic 301 2024 exam - Study guides, Class notes & Summaries

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AIC 301 - FINAL EXAM PREP QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
Exam (elaborations) • 32 pages • 2024
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AIC 301 Exam 2024/2025 Questions With 100% Correct Answers (ALL BUNDLED HERE!!!)
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AIC 301 Exam 2024/2025 Questions With 100% Correct Answers (ALL BUNDLED HERE!!!)

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AIC 301 2024 Exam Questions and Answers All Correct
Exam (elaborations) • 16 pages • 2024

AIC 301 2024 Exam Questions and Answers All Correct .What are the elements of a legally binding contract? - Answer-To be legally binding, contracts must: • Contain an agreement between all parties • Involve parties with the legal capacity to contract • Contain mutual assent • Involve consideration • Have a legal purpose • Be in the form prescribed by law What are the similarities and differences between bilateral and unilateral contracts? - Answer-In bilateral cont...

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AIC 301 2024 Exam Questions and Answers All Correct
Exam (elaborations) • 29 pages • 2024

How would you describe misrepresentation in the context of insurance contracts? Answer- In normal usage, a misrepresentation is a false statement. In insurance, a misrepresentation is a false statement of a material fact on which the insurer relies - Why are insurance policies nontransferable contracts? - Answer-Insurance policies are nontransferable because the insurer has the right to select those applicants with whom it is willing to enter into contractual agreements. If such a t...