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CA L&H Chap 2

Contract Law

QuestionAnswer
What is the Law of Contracts? Law that shaped the formal structure of insurance and influenced its content
How many elements in a legal contract? Four. Agreement, Consideration, Competent Parties, Legal Purpose
What are special characteristics of Insurance Contracts? Adhesion, Aleatory, Conditional, Unilateral, Personal
Contract of Adhesion Insured has no input regarding its provisions. "Take it or Leave it"
Conditional Contract Insured must pay the premium and provide proof of loss for insurer to cover a claim
Aleatory Contract Parties to the agreement are involved in unequal exchange of amounts or values
Unilateral Contract Only one of the parties to the agreement must do anything according to the law.
Personal Contract Between Insurers and individuals
Insurance Policy The written instrument that sets forth a contract of insurance (Cal. Ins. Code Section 380)
Concealment Legal term for intentionally withholding information of a material fact that is crucial in the decision-making process
What information is not required to be communicated in a contract? Known information, info: that should be known, waived by the other party, not material to the risk and excluded by a warranty, excepted from insurance and info based on personal judgment
Warranty A statement guaranteed to be true and becomes a part of the contract
Representations Statements believed to be true to the best of one's knowledge (not guaranteed to be true)
Misrepresentations Untrue statements on an insurance application
Materiality All parties to a contract are entitled to all necessary information to decide on the nature or quality of the contract
Rescission Intentional or unintentional concealment entitles an injured party to rescind a contract.
Rider(s) Written modifications attached to a policy that provide benefits not included in the original policy
Lapse Terminating an insurance policy due to the insured's failure to pay the premium
Grace Period Time after the premium due date that the policy owner has to pay the premium before the policy lapses
Reinstatement Provision that allows policy owners to reinstate a lapsed policy
Premium(s) The amount of money an insurance company charges for providing the coverage described in the policy
Earned Premium The premium portion that applies to the part of the policy that has expired
Unearned Premium Premium portion the insurance company has not yet "earned" because the policy term still has time before it expires
Created by: jo710al
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