IC38 LIFE INSURANCE AGENT EXAM - Study Notes
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- 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
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