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What are the essential elements of a contract of insurance?
there are four elements of insurance contract... offer,acceptance,consideration...
How are contracts perfected?
Perfection or birth of the contract takes place when the parties agree upon the essential elements of the contract.
What is the essentialia of a contract between client and insurance company?
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.
What are the essential elements of Insurance?
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.
Why Life insurance contract is not a contract of indemnity?
is fire insurance or medi claim (health ins) or motor insurance or life insurance which of them is a contract of indemnity
Why is an insurance contract needed?
An insurance contract is needed to specify the exact terms of the insurance.
What elements are essential to life?
The four elements essential to life areoxygencarbonhydrogennitrogen
How far contract of insurance are contract of indemnity?
all types of insurance is not a contract of indemnity because life insurance cannot b measured in terms of money , that is why it is not a contract of indemnity
Define contractGive essential elements of a valid contract?
An agreement enforceable by law is a contract.(agreement+enforceability by law=contract) Elements: 1) proposal and acceptance 2) lawful consideration 3) free consent 4) writing and registration. 5) legal relationship 6) capacity of parties. 7) possibility of performance.
Can your car get repossessed for not having the right insurance?
If insurance is required by your contract then the 'wrong' insurance might be a contract violation allowing repossession. You have to read your contract.
What are vitiating factors?
vitiating factors are elements of duress, mistake, misrepresentation, and is a essential element of a valid contract it is recognized in common law that a party might have been coerced, or pressed into a contract. the resulting contract cannot be regarded as a true agreement between the parties.
Who are the parties that enter a auto insurance policy contract?
The Insurer and the Insured are parties to an insurance contract.
