Legal Concepts Flashcards
______Rule that preventing one party from reclaiming right that is waived.
Parol Evidence Rule
Life insurance contracts are also ____
valued, it will pay a stated amoiunt
Health insurance are actually_________
Indemity, an will only reimburse the actuall cost if the loss
_____ states that there will be no attempt to misrepresent for commit fraud on its parties
Utmost Goof Faith
___ are statements that are guaranteeed to be true ie: name, dob and if found to be faulse the policy can be cancelled.
Warranties
___ are statements made by the applicant believed to be true ie height, weight.
Representations
______is withholding information or facts by the applicant
Concealment
Insurance policies are______ with the promise to pay _______ for valuable consideration or ______.
legal contracts,benifits,premiums
Elements of a contract are_____,______,______,_____
competent parties, consideration, legal purpose, offer, and acceptance.
What type of contract that there is only one author_____ with no negotiation.
contract of adhesion
What type of contract means and unequal exchange_____ . ( applicant pays 50$ and gets 2000) in insurance.
aleatory contract
To solicit applicants and collect premiums is an example of ____
express authority
When you are authorized to solicit applicants then make an appointment it is assumed that______.
express authority
An insurer may void the policy is there is an intentional misrepresentation of any information is called
fraud
