Implied contract Study guides, Class notes & Summaries

An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the decision must be made in favor of the insured. The judge was basing this decision on which of the following types of insurance contract? correct answers Contract of adhesion The _____ page in an insu...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

ARKANSAS LIFE INSURANCE EXAM QUESTIONS AND ANSWERS J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - ANS Twisting What is implied authority defined as? - ANS Authority that is not specifically given to an agent contract, but that an agent can reasonably assume to carry out his/her duties A person who is a nonsmoker, average weight, excellent health would fall into what risk classification? - ANS ...

Kindly note that the cover page states that it is assignment 4 buit it is assignment 3. QUESTION 1 1.1 Study the diagram below and complete the table below by inserting the relevant party/parties in the employment relationship (Column A) that matches the roles and responsibilities as outlined in Column B. (5) Column A: Parties in the tripartite employment relationship Column B: Roles and responsibilities 1.1.1 A legal entity or person that controls and directs the labour of persons using...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock (Ans- A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds are...

LEGL 2700 UGA Test 1 Questions and Answers | Latest Version | 2024/2025 | 100% Pass What is the primary purpose of contract law? To enforce agreements made between parties and ensure that promises are fulfilled in a legally binding manner. What elements must be present for a contract to be legally enforceable? Offer, acceptance, consideration, mutual assent, and a legal purpose. How does consideration function in a contract? Consideration refers to something of value exchan...

A contract may be based on a promise not to do something. (T/F) - True You return a lost dog to its owner. You did not know a reward was being offered for the dog. You do not have a legal right to the reward. (T/F) - True You leave your poodle at a new grooming shop and tell them to wash the dog⎯a $30 service. They do that and also paint the poodle's nails and tie ribbons in his hair⎯these services are an extra $10. You pay them for the wash. What about the extra $10 in services? a....

Quasi-Contract - A contract this is implied by law and a way for courts to correct or remedy a situation and to prevent unjust enrichment. Void for Vagueness - 1. An incomplete and uncertain contract based on vague terms --- which may be void 2. If a determination is not reached, the courts may void the contract or severe the terms. Statue of Frauds Includes: - - Contracts that cannot be performed in one year - Contracts for the sale of real estate, real property, or land. - Contracts ...

Bail Bonds Louisiana Exam With 100% Correct Answers 2023 Acquit - Correct Answer-to set free:to judicially discharge from an acquisition;to clear (a person) of a criminal charge Bail Enforcement - Correct Answer-the apprehension or surrender of a principal by a natural person who is released on bail or who has failed to appear at and state of the proceedings to answer to the charge before the court, in which he may be prosecuted obligor - Correct Answer-the party who owes the duty or debt...

Indemnity - ANSWER-a payment for damages or loss Risk - ANSWER-Uncertainty or chance of loss occurring Pure Risk - ANSWER-Presents the chance of loss with no opportunity for gain Speculative Risk - ANSWER-Presents the chance of loss with an opportunity to gain (Like Gambling) Exposure - ANSWER-a unit of measurement used to determine rates charged for insurance coverages. Hazards - ANSWER-Conditions or situations that increase the probability of an insured loss occurring. Peril ...