5 Questions
Which characteristic of an insurance contract means that the contract is dependent on unknown future events?
Aleatory
What does the characteristic of 'unilateral' in an insurance contract indicate?
Only the insurer makes a promise to pay
Which characteristic of an insurance contract refers to the promise by the insured to be totally honest about a claim?
Utmost Good Faith
What does the characteristic of 'adhesion' in an insurance contract imply?
Only one party dictates the terms
Which essential element of a legal contract involves mutual consent between the offeror and offeree?
'Agreement'
This quiz covers the essential elements of a legal insurance contract, including mutual consent, consideration, competent parties, and legal purpose. It also explores the characteristics of insurance policies and related concepts.
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