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Questions and Answers
Match the following elements with their descriptions in the context of an insurance contract:
Match the following elements with their descriptions in the context of an insurance contract:
Offer and Acceptance = An offering being made and then being accepted by the other party Consideration = A fair exchange of value Legal Capacity = Everyone that is a party to the contract must have the legal capacity or competence to enter into a contract Legal Purpose = The courts will not enforce a contract that is not legal
Match the following terms with their definitions in the context of a contract:
Match the following terms with their definitions in the context of a contract:
Agreement = Also often called 'meeting of the minds', it signifies that all negotiations have been settled and an agreement has been reached Premiums = Payments made to the insurance company in exchange for a promise to pay claims in the future Age of majority = A requirement to be met for a person to have the legal capacity to enter into a contract Illegal services = A contract for the provision of these would not be a legal and valid contract
Match the following terms with their definitions:
Match the following terms with their definitions:
Application to the insurance company = An act that is part of the 'Offer and Acceptance' process in insurance contracts Promise to pay claims in the future = What the insurance company provides in exchange for premiums Mental capacity to understand what you are signing and agreeing to = A requirement to be met for a person to have the 'Legal Capacity' to enter into a contract Contract for the provision of illegal services = An example of a contract that does not meet the 'Legal Purpose' requirement
Which of the following is NOT an essential element required for a legally binding contract?
Which of the following is NOT an essential element required for a legally binding contract?
What does the element of 'Consideration' refer to in a contract?
What does the element of 'Consideration' refer to in a contract?
What is the special element required by insurance contracts in addition to the essential elements of a legally binding contract?
What is the special element required by insurance contracts in addition to the essential elements of a legally binding contract?
Which of the following is NOT an essential element required for a legally binding contract?
Which of the following is NOT an essential element required for a legally binding contract?
What does the element of 'Consideration' refer to in a contract?
What does the element of 'Consideration' refer to in a contract?
What is the special element required by insurance contracts in addition to the essential elements of a legally binding contract?
What is the special element required by insurance contracts in addition to the essential elements of a legally binding contract?
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