Parties to a contract contribute unequal amounts of money. The contract is termed:
Aleatory
Mr. Smith suffers from severe backaches occasionally but when asked on the application indicated he has NO physical discomfort. This is an example of:
Concealment
The first premium paid by the insured represents:
Consideration
ALL of the following are Competent Parties EXCEPT:
15 year olds
If both parties in a contract interpret a provision differently:
The courts will generally side against the person who provided the contract.
An insurance contract is:
Unilateral
Statements made that are guaranteed as TRUE are called:
Warranties
A material statement or stipulation contained in the policy which voids the policy if breached is a:
Warranty
Concealment is the
The intentional failure to disclose a material fact.
ALL of the following are essential elements of an insurance contract EXCEPT:
Select one:
a. Legal purpose
b. Competent parties
c. Consideration
d. Signatures
Signatures
The insurance contract is a legal document between the _______ and the _______.
Insurer; insured
One party prepares a contract and submits it to the other party on a take-it-or-leave-it basis. The contract is:
Adhesion
In the absence of fraud, ALL incorrect statements made by the applicant in life and health insurance applications are: