there are four elements of insurance contract... offer,acceptance,consideration...
Perfection or birth of the contract takes place when the parties agree upon the essential elements of the contract.
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.
The two most important elements of a contract that every manager should know about are offer and acceptance. The offer is a proposal to create a contract, and acceptance is the agreement by the other party to the terms of the offer. These elements are essential to forming a legally binding contract.
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.
is fire insurance or medi claim (health ins) or motor insurance or life insurance which of them is a contract of indemnity
An insurance contract is needed to specify the exact terms of the insurance.
A valid contract includes an offer by one party, acceptance by the other party, consideration exchanged between the parties, legal capacity of the parties to enter into the contract, and a legal purpose for the contract. These elements are essential for a contract to be legally enforceable.
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
If insurance is required by your contract then the 'wrong' insurance might be a contract violation allowing repossession. You have to read your contract.
Three key elements of an insurance contract are offer and acceptance, consideration, and a lawful purpose. The offer and acceptance refer to the agreement between the insurer and the insured on the terms of coverage. Consideration involves the exchange of value, typically the premium paid by the insured in return for coverage. A lawful purpose ensures that the contract is for a legitimate and legal objective, such as protecting against financial loss.
The Insurer and the Insured are parties to an insurance contract.
The Insured of the policy is obviously the Principal in a life insurance contract.