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Wisconsin Property and Casualty Questions and Correct Answers | Latest Update $12.49   Add to cart

Exam (elaborations)

Wisconsin Property and Casualty Questions and Correct Answers | Latest Update

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  • Wisconsin Property and Casualty
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  • Wisconsin Property And Casualty

FAIR -:- Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. -:- • Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration -:- Money and statements made on application Legal Purpose -:- Risk transfer doesn't viola...

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  • September 20, 2024
  • 71
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Wisconsin Property and Casualty
  • Wisconsin Property and Casualty
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2024 /2025 | © copyright | This work may not be copied for profit gain Excel!




Wisconsin Property and Casualty Questions
and Correct Answers | Latest Update
FAIR


✓ -:- Fair Access to Insurance Requirements




Elements of a Legal Contract. L. O. A. C.


✓ -:- • Consideration

✓ • Legal Purpose

✓ • Offer

✓ • Acceptance

✓ • Competent Parties




Consideration


✓ -:- Money and statements made on application




Legal Purpose


✓ -:- Risk transfer doesn't violate the law




Offer

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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!


✓ -:- Insured submits application and first month premium to insurer

Insurer accepts or insurer declines the risk




Counteroffer


✓ -:- Agrees to issue policy but with higher premium or restrictions/

exclusions

Insured either accepts the conditions or withdraws their application




Competent Parties


✓ -:- Competent• Legal age (usually 18) • Mentally sane• Sober




Adhesion


✓ -:- Policy written by the insurance company

Adhesion = glue


Insured has no input


If ambiguous, court will take the side of the insured




Aleatory Contract


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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!


✓ -:- • Unequal value

• Pay small premium and have a large claim, or pay premiums for many years without a claim




representation


✓ -:- believed to be true




misrepresentation


✓ -:- representation that is actually false.




Material misrepresentation


✓ -:- information given that is not true and DOES affect the insurer's

decision




warranty


✓ -:- statement that is guaranteed to be true, and it may be relied on by

the other party. If a warranty is not kept, there is a breach of warranty

that voids the contract.




Concealment

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, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!


✓ -:- failure to disclose known facts




Property insurance policies


✓ -:- Covers"mystuff"

"Mystuff"=buildings(real property) and personal belongings


First Part Loss




Casualty Insurance


✓ -:- Casualty = Liability

Always pays the other guy, never me


Third party losses




D. I. C. E. E.


✓ -:- ■ Declarations■ Insuring agreements■ Conditions■ Endorsements

and additional supplementary coverages ■ Exclusions




Declarations


✓ -:- who, what, when, where, and how much


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