Understanding Insurance Policies and Concepts
5 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which characteristic of an insurance contract means that the contract is dependent on unknown future events?

  • Utmost Good Faith
  • Aleatory (correct)
  • Adhesion
  • Personal
  • What does the characteristic of 'unilateral' in an insurance contract indicate?

  • Both parties make a promise to pay
  • Only the insurer makes a promise to pay (correct)
  • Both parties dictate the terms
  • Only one party dictates the terms
  • Which characteristic of an insurance contract refers to the promise by the insured to be totally honest about a claim?

  • Aleatory
  • Personal
  • Utmost Good Faith (correct)
  • Adhesion
  • What does the characteristic of 'adhesion' in an insurance contract imply?

    <p>Only one party dictates the terms</p> Signup and view all the answers

    Which essential element of a legal contract involves mutual consent between the offeror and offeree?

    <p>'Agreement'</p> Signup and view all the answers

    More Like This

    School Transportation Regulations Quiz
    17 questions
    Underwriting Responsibilities and Practices
    19 questions
    Illinois Home Inspector Exam Flashcards
    43 questions
    Nomination in Insurance Policies
    24 questions
    Use Quizgecko on...
    Browser
    Browser