Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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consensus ad idem meaning the parties to the contract must be of the same mind regarding the subject matter of the contract
Elements of a valid contract - Offer and acceptance,Consideration,Agreement between parties,Free consent,Capacity of the parties,Legality
Consideration - Premium is the consideration from the insured, and Premium is the price paid by the insured for purchasing the insurance product.
Agreement between the parties - Both the parties should agree to the same thing in the same sense - consensus ad-idem
Uberrima Fides or Utmost Good Faith - Insurer & Insured must disclose all material facts relating to the subject matter of insurance. A positive duty to voluntarily disclose, accurately and fully, all facts material to the risk being proposed, whether requested or not
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