insurance policies

Question 1

insurance is a ____ contract (4 answers)

Answer 1

aleatory, unilateral, conditional, personal

Question 2

aleatory

Answer 2

values exchanged can be unequal

Question 3

unilateral

Answer 3

only one party (the policy holder) can enforce the contract

Question 4

conditional

Answer 4

certain conditions must be met to receive compensation

Question 5

personal

Answer 5

tied to your person, cannot be transferred anywhere else

Question 6

contract of adhesion

Answer 6

no negotiation the polict

Question 7

doctrine of reasonable expectations

Answer 7

course will rule in favor of a policy holder if they had a reasonable expectation of their coverage not included in the contract

Question 8

waiver

Answer 8

voluntary relinquishment of a known right

Question 9

estoppel

Answer 9

representation of a fact by one party to another party that is reasonably relied upon by that other party to the extend that it would be fair to allow the first party to deny the fact