General Ins: CONTRACTS

  1. Parties to a contract contribute unequal amounts of money. The contract is termed:
    Aleatory
  2. 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
  3. The first premium paid by the insured represents:
    Consideration
  4. ALL of the following are Competent Parties EXCEPT:
    15 year olds
  5. If both parties in a contract interpret a provision differently:
    The courts will generally side against the person who provided the contract.
  6. An insurance contract is:
    Unilateral
  7. Statements made that are guaranteed as TRUE are called:
    Warranties
  8. A material statement or stipulation contained in the policy which voids the policy if breached is a:
    Warranty
  9. Concealment is the
    The intentional failure to disclose a material fact.
  10. 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
  11. The insurance contract is a legal document between the _______ and the _______.
    Insurer; insured
  12. One party prepares a contract and submits it to the other party on a take-it-or-leave-it basis. The contract is:
    Adhesion
  13. In the absence of fraud, ALL incorrect statements made by the applicant in life and health insurance applications are:
    Misrepresentations
Author
kelsealjohnson
ID
347151
Card Set
General Ins: CONTRACTS
Description
General Ins: CONTRACTS
Updated