Shared Flashcard Set

Details

Texas Life and Health
Field Underwriting
8
Finance
Professional
08/06/2004

Additional Finance Flashcards

 


 

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 ____________________.
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