Term
| offer; acceptance; competant parties; consideration; legal purpose |
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Definition
| A contract has four essential elements: 1) _____________ and _______________ 2) __________, 3) __________________, and 4) __________________. |
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Term
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Definition
| An alternative proposal by one of the parties during contract negotiations is referred to as a ________________. |
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Term
| premium; statements on the application; promise to pay |
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Definition
| The applicant's consideration consists of _____________________ and __________________ The insurance company's consideration is the _________________ contained in the policy. |
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Term
| competant; legal age; sane; sober |
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Definition
| Parties to a contract are required to be ________________, _______________, _______________, and ___________________. |
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Term
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Definition
| Insurance contracts are _______________ in nature. |
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Term
| unilateral; insurance company |
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Definition
| Insurance contracts are ________________________ because only one party, the _____________________, makes any legally enforceable promises. |
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Term
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Definition
| Insurance contracts are contracts of _______________. |
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Term
| deliver; collect; explain; statement of continued good health |
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Definition
| Once the policy is issued, it is the agent's responsibility to __________ the policy; _________ any premium that may be due, _________________ the policy and rating; and if the premium did not accompany the application, obtain a ____________________. |
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