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Details Title: Texas Life and Health Description: Field Underwriting Total Flash Cards: 8 Created: 08/06/2004 15:06:09	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term offer; acceptance; competant parties; consideration; legal purpose Definition A contract has four essential elements: 1) _____________ and _______________ 2) __________, 3) __________________, and 4) __________________. Term counteroffer Definition An alternative proposal by one of the parties during contract negotiations is referred to as a ________________. Term premium; statements on the application; promise to pay Definition The applicant's consideration consists of _____________________ and __________________ The insurance company's consideration is the _________________ contained in the policy. Term competant; legal age; sane; sober Definition Parties to a contract are required to be ________________, _______________, _______________, and ___________________. Term conditional Definition Insurance contracts are _______________ in nature. Term unilateral; insurance company Definition Insurance contracts are ________________________ because only one party, the _____________________, makes any legally enforceable promises. Term cohesion Definition Insurance contracts are contracts of _______________. Term deliver; collect; explain; statement of continued good health Definition Once the policy is issued, it is the agent's responsibility to __________ the policy; _________ any premium that may be due, _________________ the policy and rating; and if the premium did not accompany the application, obtain a ____________________.