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Insurance Contract
| Questions |
Answers |
| Must be legally enforceable (Minors, and people under the influence are not _____) |
CompetentParties |
| Must not be against public policy or in violation of the law |
LegalPurpose |
| Two elements needed for agreement |
OfferandAcceptance |
| The premium (insured) and the promise to pay claims if there is a loss (insurer) |
Consideration |
| The contract is between the persona and the carrier |
Personal |
| The contract is drafted by one party |
Unilateral |
| The is an unequal exchange |
Aleatory |
