IC38 LIFE INSURANCE AGENT EXAM - Study Notes
Page 12 Of 62
Go to:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
Elements of a valid contract - Offer and acceptance,Consideration,Agreement between parties,Free consent,Capacity of the parties,Legality
Offer and Acceptance
- the offer is made by the proposer, and acceptance made by the insurer.
The policy bond becomes the evidence of the contract
Consideration -
Premium is the consideration from the insured,
and the promise to indemnify, is the consideration from the insurers.
Agreement between the parties - Both the parties should agree to the same thing in the same sense -
consensus ad-idem
Consent is said to be free when it is not caused by Coercion, Undue Influence, Fraud, Misrepresentation, Mistake
Previous
Next
IC 38 Life Insurance
Free Demo
Buy Premium
Home
Copyright 2015 -
MODELEXAM
®
Developed by
www.realsoftinfoplan.com
MODELEXAM® MODELEXAM® 
www.realsoftinfoplan.com
www.realsoftinfoplan.com
MODELEXAM® www.realsoftinfoplan.com