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What is the differenc between insurance contract and insurance policies?
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoInsurance and Reinsurance contracts are contracts of utmost good faith. There is accordingly a duty of full disclosure. Unlike ordinary contracts, non disclosure will operate to allow avoidance of the contract
Wiki User
∙ 9y agoWhat you refer to as a "normal contract" consists of the parties coming to an agreement on the terms of an undertaking. It further involves the exchange of "consideration" Consideration can be money, services or anything of value. It can also consist of the parties doing or refraining from doing something that they otherwise had the right to do. However, the subject matter of the contract cannot be illegal or the contract will not be enforceable in the event of noncompliance. Other than that, the parties are free to agree to what they want to. The parties also have to have "capacity"-meaning, of legal age, sane, not under duress, etc.
An insurance contract is a little different in that it is considered to be an "adhesion" contract. That means that the insurer presents it on essentially a take-it-or-leave-it basis; there is no room for negotiation as to terms (except for manuscript policies which are an entirely different subject). Because the insured does not have any input into the terms of the insurance contract, in the event of a dispute over ambiguous language, the insurance contract will be construed most strictly against the insurer as the drafter of the contract. Note, though that an ambiguity exists only when the policy language can be interpreted both in a way to find that there is coverage for an event and in a way that the language could be interpreted otherwise. A court will adopt a plain meaning of the language used and a not a twisted or overly-technical one.
Wiki User
∙ 10y agoinsurance contract is the contract of utmost good faith and general contract is the agreement between two parties and enforceable by law.
lebereti olemoko
The different between insurance contract and others contract is that,in insurance contract something can go for nothing while in other contract nothing can go for nothing.
Wiki User
∙ 12y agoA liquidated damages clause
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What are some low rate life insurance policies?
Some low rate life insurance policies are the whole life policies. Life insurance policies are contained in a contract between an insurer and the insured, stating how much would be paid to a designated beneficiary in the event of the death of the insured.
Is there a difference between lapsed and cancelled auto insurance?
Cancellation Termination of an insurance contract before its expiration date, by either the insurance company or the policyholder. Lapsed Insurance Policy When a policyholder fails to pay the due premiums, his or her insurance will get cancelled. These are referred to as a lapsed insurance policies.
What are the difference between the marine Insurance policy and insurance certificate?
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.
Does your homeowner insurance covers gaps between policies?
No.
What is the differenc between term and whole life insurance coverage?
Term life is insurance is only valid for the given period of time within the policy as whole life insurance coverage is for the entire duration of ones life.
What is the differenc between a mountain and a hill?
The size
What is the differenc between stdio.h and stdio.h?
Nothing.
What is insurance?
is a contract between you and an insurance company in which the latter promises to cover your loss
8 Which is the document in Insurance which can be called the Documentary Evidence of Contract between the Insurance Company and the Insured?
That should be your declarations page. It is a binding contract between the insured (you) and the company.
Where can one find comparisons between different companies health insurance policies?
One can find comparisons between different companies health insurance policies on websites like Cignag local, Geo Blue Travel Insurance or Health Insurance About.
A written contract between an insured person and an insurance company?
It is called in insurance policy.
What is the term for the written contract between an insured person and an insurance company?
Insurance policy
