What are the conditions of an insurance policy?
An insurance policy's conditions set forth the insurer's and the insured's rights and duties, including the procedure for resolving a disagreement involving a loss between the insured and the company The limits of liability are found in which of the following sections of a casualty policy?
How do insurance companies decide what type of insurance to assume?
can assume the form of either term insurance or permanent insurance. the insured typically determines how much coverage is needed and the affordable amount of premium. the insurer will then determine the appropriate type of insurance to meet the insured's needs. as the insured's needs change, the policy owner can make adjustments in the policy.
What are the requirements of 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.