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there are four elements of insurance contract... offer,acceptance,consideration...

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โˆ™ 2012-02-21 16:54:59
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Q: What are the essential elements of a contract of insurance?
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Related questions

What are essential elements of a contract?

There are several elements of a contract. The most basic ones include offer, acceptance and consideration. When a contract lacks these elements it is void.


What are the essential elements of sales contract?

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Perfection or birth of the contract takes place when the parties agree upon the essential elements of the contract.


Essential elements of a valid contract?

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A contract has seven essential elements: Offer. Acceptance. Consideration Legal Intent. Capacity. Legal Object. Genuine Consent.


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The most essential part of an insurance contract is that it is basically a contract of utmost good faith. The proposer will not conceal any vital information, which will be detrimental at the time of deciding any claim by the insurer.


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One essential element of insurance is to shift the risk of loss of the insured item from the client to the insurer. Other essential elements include the insurer being open to a significant loss, distributing the risk over a number of policies held by the insurer, and the premium paid by the client to the insurer.


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An insurance contract is needed to specify the exact terms of the insurance.


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