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What evidence is required for an insurance contract to be legal?
Wiki User
∙ 9y ago
I don't think that the term "evidence" is the best one to use.
Like any other contract, in order for an insurance contract to be binding and enforceable, 3 elements need to exist: an offer, an acceptance and consideration.
As far as insurance contracts are concerned, the offer consists of the application that the proposed insured submits to the insurer when coverage is sought. The application may be submitted directly to the insurer if it is a "direct writer", or more commonly, through an insurance agent. The acceptance is when the insurer accepts the risk as evidenced by the issuance of the policy. The consideration consists of the insured's promise, and fulfillment of that promise, to pay premiums.
Wiki User
∙ 9y ago
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Is homeowners ins required when homeowner dies and home is left to children and home is empty?
There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.
Is insurance required on a house if homeowner dies?
There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement. Failure to maintain a policy as required by the finance note can result in single interest coverage being placed by the lender and billed to the homeowner or possible foreclosure.
How old do you have to be to get car insurance in Alabama?
An insurance policy is a kind of contract, and signatories to a contract must be of the legal age of majority.Throughout the United States, eighteen is the legal age of majority.
Do all states require a homeowner to carry homeowners insurance even afer a house is paid off?
No, Not a single one of them. There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.
What is the minimum age required to obtain a car insurance policy in your name in the state of Mississippi?
18 is the age at which you can enter into a legal contract. Before the age of 18 you can still purchase auto insurance but your gaurdian or a parent will have to countersign the insurance application.
Is contract legal if only has a cosigner?
no...only two parties are required to make a contract, a cosigner is only required in special cases.
Is an amendment in a car insurance policy legally binding?
Yes, An insurance policy is a legal contract of indemnity. Amendments and endorsements are changes that become a part of that contract.
Can a minor get his own auto insurance in Connecticut?
No. A minor is a person who is not of legal age to sign a contract and an insurance policy is a legal contract. A minor may or may not have the ability, depending on state laws and regulations to own a vehicle.
What is a legal proof of insurance?
A valid current (ie receipted) insurance document. (Assuming that the company has not cancelled the insurance contract for some breach on your part).
Accounting is the debit notes are legal documents?
Nn, but it may be used as evidence of a contract of sale
How old do you need to be to get car insurance?
Most insurance companies require a person to be 18 years old in order to purchase automobile insurance. The reason for this is that the insurance application along with the policy make up a legal contract between the policyholder and the insurance company. A person who is not yet 18 is not a legal adult and therefore is not legally able to sign such a contract.
Can a 17 year old have his own auto insurance in georgia?
No. Most insurance companies do not allow a minor to have their own policy because an insurance policy and application are a legal contract and a minor cannot generally be party to a legal contract. I do know of a couple of insurance companies that overlook this and allow even a 16 year old to buy a policy.
