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Contract Law
Oklahoma Insurance producers
| Question | Answer |
|---|---|
| Statements made by the applicant on a insurance application are considered ? | Representations |
| When an insurer must rely on the truthfulness and integrity of the applicant, this is called | Contract of upmost good faith |
| when one party constructs the contract and the other party has NO say in this, it is what type of contract ? | Contract of Adhesion |
| what are the 2 things not required for a legal Binding Contract? | Both parties sign and Equal exchange of values |
| which Contract forces you to except or reject ALL policy provisions ? | Contract of Adhesion |
| if a banana peel on the floor of a grocery store causes a person to fall this is a ? | Hazard |
| what type of hazard would arson be considered ? | Moral Hazard |
| What contract best describes a policy concept that allows the insured to be reimbursed without making a gain ? | Contract of Indemnity |
| Who are the parties of personal contract ? | Insurer and the insured |
| What is a private wrong and not a crime ? | Tort |
| What is an exsample of a Tort? | Failure to maintain proper lighting on a walkway or porch |
| What is Liability imposed upon on party an the result of the actions of another? | Vicarious |
| The tendency for an item to self- destruct is known as a | Inherit Vice |
Created by:
Vtolleson
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