What does the insuring agreement include?

Which of the following is an agreement between an insured and an insurer?

Insurance contract: An agreement between a policyowner (often an insured) and an insurer, where the insurer agrees, for a consideration, to indemnify the insured for loss caused by specific events.

What are the six basic parts to an insurance contract?

What are the three main components of an insurance policy?

Insurance Policy Components

Three components of any type of insurance are crucial: premium, policy limit, and deductible.

What are the 7 principles of insurance?

What are the 5 parts of an insurance policy?

Policy details like the policy period, number, and premium. Names of the people covered and assets (if applicable). The dollar limits on coverages and your corresponding deductibles. A list of endorsements included in the policy or their total number.

What does the insuring agreement in a life insurance contract established?

The insuring agreement in a Life insurance contract establishes the basic promise of the insurance company.

Which of the following is not part of the consideration element of an insurance contract?

The applicant's statements on the application are representations, not warranties. All of the following are part of the consideration element of an insurance contract, EXCEPT: Insurance contracts are unilateral. Only the insurer is legally upheld to performing the promises made in the policy.

Which of the following is true regarding insurance contracts?

Solution(By Examveda Team) They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872 is true about life insurance contracts.

Which of the following two documents always constitutes part of the entire contract?

Which of the following two documents always constitutes part of the entire contract? The entire contract is comprised of the policy itself, the application and any riders attached.

What part of an insurance contract shows the insurers promise to pay?

The insuring agreement is the section of an insurance contract containing the obligation of the insurer to pay covered claims, subject to specified conditions and exclusions. It contains the insurance company's promise to pay for loss, if it should result from the perils insured against.

What is the nature of insurance contract?

Nature of contract is a fundamental principle of insurance contract. An insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal. A contract should be simple to be a valid contract.

Which of the following is not included in the declaration of a property policy?

Which of the following is not included in the Declarations of a Property Policy? The perils not covered are listed in the Exclusions. Theft is specifically defined as: Theft is the broadest definition and includes any act of stealing.

What may be insured?

What may be insured? Any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, or create a liability against him, may be insured against, subject to the provisions of the Insurance Code.

What type of contract is an insurance policy?

Unilateral Contract — a contract in which only one party makes an enforceable promise. Most insurance policies are unilateral contracts in that only the insurer makes a legally enforceable promise to pay covered claims.

Which of the following will be included in a policy summary?

A policy summary must be delivered along with the policy and will provide the producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years.

Is an insurance policy a contract?

An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.

What are the main features of insurance?

What is the most important principle of insurance?

Utmost good faith, or “uberrima fides” in Latin, is the primary principle of insurance. In fact, many would argue that utmost good faith is the most important insurance principle. Essentially, this principle states that both parties involved in an insurance contract should act in good faith towards one another.

What are the characteristics of insurance?

Which of the following is not included in the declaration of a property policy?

Which of the following is not included in the Declarations of a Property Policy? The perils not covered are listed in the Exclusions. Theft is specifically defined as: Theft is the broadest definition and includes any act of stealing.