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What are the essential elements of a contract of insurance?
there are four elements of insurance contract... offer,acceptance,consideration...
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.
Describe the three main elements of the contract process?
The three main elements of the contract process are offer, acceptance, and consideration. An offer is a proposal by one party to another demonstrating their willingness to enter into a contract. Acceptance is the agreement by the other party to the terms of the offer. Consideration is the exchange of something of value between the parties, forming the basis of the contract.
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
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 the 3 elements that must be present in a breach of contract claim?
In a breach of contract claim, three elements must be present: 1) the existence of a valid contract, 2) a failure by one party to fulfill their obligations under the contract, and 3) resulting damages or harm suffered by the other party.
Who are the parties that enter a auto insurance policy contract?
The Insurer and the Insured are parties to an insurance contract.
Who is the principal in a life insurance contract?
The Insured of the policy is obviously the Principal in a life insurance contract.
What type of contract do you need to get money for your damaged property?
Insurance contract with an insurance company Indemnity bond
Why is important to have utmost good faith in insurance contract unlike other commercial contract?
as it differentiate insurance contract from other commercial contract so it is important.A contract of insurance is a contract of Utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts id embodied in this important principle which applied to all forms of insurance.
Is A property or liability insurance policy a business or liability contract?
A property is not a contract or a business. A liability insurance policy is a kind of contract but not a business. the answer is b...
