MA Property and Casualty Insurance Questions and Correct Answers | Latest Update
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Course
MA Property and Casualty Insurance
Institution
MA Property And Casualty Insurance
Exchange of values (premium paid vs promise to pay claims)
Legal purpose
-:- Contract cannot be enforced if based on illegal
Unilateral
-:- Developed by one party
Adhesion
-:- Drafted by insurer and accepted by applicant
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✓ -:- Would have caused insurer to reject the application
Warrenty
✓ -:- Statement made by applicant that is tota lly and unequivocally true
(promise by insured upon which coverage is based)
Concealment
✓ -:- Failure to disclose material facts
Fraud
✓ -:- Intentionally or deliberately deceiving
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