Exam (elaborations)
Massachusetts Insurance Agent License Exam
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- Massachusetts Insurance Agent License Exam
Massachusetts Insurance Agent License Exam
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Massachusetts Insurance AgentLicense Exam
What are the two components of an agreement? - -Offer and acceptance.
- Elements of a legal contract - -1. Agreement 2. Consideration 3.
Competent Parties 4. Legal Purpose
- Property and Liability Policy - -Owned by the policy owner. It is a personal
contract.
- Who is not considered to have legal capacity? - -1. Minors 2. Insane
Persons 3. Individuals Under the Influence 4. Person Coerced 5. Enemy Aliens
6. Convict
- Unilateral - -An act in exchange for a promise or a promise exchanged for
an act already performed.
- Adhesion - -Drafted by insurer, accepted by applicant.
- Aleatory - -Unequal payment or consideration.
- Conditional - -Specific expectations must be met in order for the contract
to be executed.
- Utmost Good Faith - -Each party must tell the truth.
- Representations - -Statements made by applicant recorded on the
application.
- Material Misrepresentation - -An untrue statement that would cause
rejection.
- Warranty - -A statement guaranteed to be absolutely true.
- Concealment - -Failure to disclose.
- Fraud - -Deliberately deceiving.
- Waiver - -Intentional abandonment or voluntary relinquishment of a known
right as found in a policy. Example: Insured lets an excluded driver drive
their car.
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