Contract laws Flashcards
1
Q
the application and payment of the initial premium.
A
Consideration
2
Q
If the insurance company agrees to insure you
A
Offer and Acceptance
3
Q
parties who are themselves legally capable of entering into agreements and contracts.
A
Competent parties
4
Q
an insurance principle according to which insurance contracts that insure something illegal or involves illegal conditions are not valid.
A
Legal Purpose
5
Q
gives an insurance company a window of time in which they can ultimately issue or refuse to approve the policy.
A
Conditional
6
Q
only the insurer makes a legally enforceable promise to pay covered claims.
A
Unilateral
7
Q
take it or leave it
A
Adhesion
8
Q
a contract where performance of the promise is dependent on the occurrence of a fortuitous event.
A
Aleatory
