Characteristics of Insurance contracts

Question 1

Personal contract

Answer 1

one of the 6 characteristics of an insurance contract that protects the persons financial interest not the property

Question 2

Contract of Adhesion

Answer 2

one of the 6 characteristics of a insurance contract that says one party makes the terms and the other decides to take up those terms or deny it

Question 3

Doctrine of Reasonable Expectations

Answer 3

The terms of the contract of adhesion should be clear and precise. Should have no uncertainties if a random person was to read it

Question 4

Utmost Good Faith

Answer 4

One of the 6 characteristics of an insurance contract. Both parties must always be honest or the contract could be voided.

Question 5

Aleatory

Answer 5

One of the 6 characteristics of an insurance contract. It means that it must be an unpredictable future event/ loss.

Question 6

Unilateral

Answer 6

One of the 6 characteristics of an insurance contract. It means only one party is obligated to act in this case the insurer paying for covered losses. the insured is not obligated to act he doesn’t have to pay premiums.

Question 7

Conditional

Answer 7

Insurer only has to pay for covered loss if certain conditions are met

Question 8

What are the characteristics of an insurance contract?

Answer 8

Personal
Contract of adhesion
unilateral
Aleatory
Conditional
Utmost Good Faith

Question 9

What is the acronym for the 4 essential parts of an insurance contract?

Answer 9

Dice

Question 10

Declarations page

Answer 10

Is one of the essential parts of an insurance contract. It is always the first section of the contract. It states the names of both parties, location and description of insured item, dates of coverage, deductible, premium, the value of insured item, limit and amount of coverage, and policy number

Question 11

Whats a common page in insurance contractions

Answer 11

the definitions page

Question 12

The insuring agreement

Answer 12

Is one of the 4 essential parts of an insurance contract. It states what the insurer will cover and how

Question 13

Conditions

Answer 13

One of the 4 essential parts of an insurance contract. Insurer specifies any limits or qualifications the policyholder must meet

Question 14

Exclusions

Answer 14

one of the 4 essential parts of an insurance contract. Lists the pieces of property or causes of loss that aren’t covered

Question 15

Endorsements

Answer 15

add, reduce, or change policy In some way

Question 16

Certificate of Insurance

Answer 16

Has basic policy info and acts as proof of coverage