IC38 GENERAL INSURANCE AGENT EXAM - Study Notes
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Insurance Refers to protection against an event that might happen where as Assurance Refers to protection against an event that will happen
Insurance Provides cover against a risk whereas Assurance Covers an event that is definite. Assurance policies are associated with life cover
When deciding whether to insure or not, one needs to weigh the cost of transferring the risk against the cost of bearing the loss.
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
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