Chapter 5 Flashcards
1
Q
A prospectus published by an insurance company which contains details of cover and standard rates of premium is regarded as what
A
Invitations to treat
2
Q
What must be agreed for an insurance contract to be formed
A
The nature of the risk and the subject matter of insurance
Duration of the contract
Amount of premium or at least the method by which the premium is to be calculated
3
Q
What is ‘consensus ad idem’ and what happens if there isnt any
A
Meeting of minds
If none on some essential term of the agreement, a valid contract will not be formed
4
Q
Which insurance contract must be in writing?
A
Marine insurance
Marine Insurance Act 1906
5
Q
Is an insurer who Grant’s cover to a minor fully liable?
A
Yes, to meet all valid claims under the policy
