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Fundamentals of Insurance - Chapter 02
Terminology
8
Insurance
Not Applicable
09/04/2012

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Term
Agreement
Definition
Is said to exist where an unconditional acceptance of an offer has been made.
Term
Consideration
Definition
Is an exchange of something of value.
Term
Legality of Object
Definition
When a contract insures property which is stolen, this element is said not to be present.
Term
Legal Capacity
Definition
Persons considered to be competent to contract are said to have this... while a minor does not.
Term
Genuine Intention
Definition
Is present when it can be shown the contract was not effected by fraud, duress, concealment or mistake.
Term
Insurable Interest
Definition
People who are able to show that they would suffer financially by a loss are said to have this.
Term
Utmost Good Faith
Definition
This contractual agreement is breached when n applicant for insurance deliberately withholds information about previous claims, cancellations, or refusals of insurance.
Term
Indemnity
Definition
A part of all insurance contracts which attempts to provide insureds with the actul amount of their loss... no more and no less.
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