Which of the following is not an essential elements of an insurance contract
Avis 5,0 (1) Which of the following is NOT an essential element of an insurance contract? A) Agreement B) Legal Purpose C) Counteroffer D) Consideration. Counteroffer.
What are the 5 essential elements of an insurance contract?
These elements are a definable risk, a fortuitous event, an insurable interest, risk shifting, and risk distribution.
What is not considered to be an element of an insurance contract?
Which of these is NOT considered to be an element of an insurance contract? The elements of an insurance contract do not include negotiating.
What are the 4 parts of an insurance contract?
Which of the following is NOT an essential element of an insurance contract? In order for insurance contracts to be legally binding, they must have four essential elements: agreement (offer and acceptance), consideration, competent parties, and legal purpose. Counteroffer is not required.
What are the basic elements of a contract of insurance?
Every contract must contain one party's offer and the other party's acceptance of the offer. Finally, each party must give consideration, something of value. In an insurance policy contract, the insured's consideration is his premium payment, and the insurer's consideration is the promise of indemnity.
What is an essential element of a contract?
(D) A lawful purpose is an essential element of a contract. A When Tom and Nancy sold their home they removed a bar sink prior to the closing. The listing and sales contract did not mention the sink. Which of the following is true? (A) The sink was a trade fixture, and removable. (B) The sink was personal property.
What must each party give in a contract of insurance?
Finally, each party must give consideration, something of value. In an insurance policy contract, the insured's consideration is his premium payment, and the insurer's consideration is the promise of indemnity. Intent is not a requirement for a valid contract. Ann and her agent meet to discuss automobile insurance.
Without all of the elements of an insurance contract present, the policy may not be valid, and that means the obligations of both parties may not be enforceable in court. The elements of an insurance contract are very similar to the elements required for any other legally binding contract with a few extra elements that are special to insurance contracts. You need both types of elements to be present before a valid and proper insurance policy is produced.
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