IC38 GENERAL INSURANCE AGENT EXAM - Study Notes
Page 12 Of 68
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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
Coercion
involves pressure applied through criminal means
Undue influence
- When a person who is able to dominate the will of another, uses his / her position to obtain an undue advantage over the other
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