About This Chapter
Contract Law in Insurance - Chapter Summary
Get caught up with contract law in insurance by going through the materials in this chapter. Learning the basics of contract law can be stressful, but our instructors provide straightforward explanations, real-life examples, and well-researched information on all current insurance law topics. Furthermore, you can always send your questions directly to our instructors via the user dashboard. By going through this chapter, you will have improved your knowledge enough to do the following:
- Determine the various contract types and related law terms
- Establish key insurance contract elements
- Outline the four unique insurance contract characteristics
- Evaluate the utmost good faith principle
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1. Contract Law Terms: Definitions & Contract Types
A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.
2. Elements of an Insurance Contract
Insurance contracts can be confusing, whether due to length or strange verbiage. This is an explanation of the elements in a contract and gives a good idea of what you will see.
3. Four Characteristics Unique to Insurance Contracts
The lesson will introduce, define, and describe four unique characteristics to insurance contracts, which are conditional, unilateral, adhesion, and aleatory.
4. Principle of Utmost Good Faith in Insurance
This lesson explains the doctrine of utmost good faith as it applies to insurance contracts. It also discusses the related concepts of representations, disclosures, and warranties, as well as the repercussions of failing to comply with the doctrine.
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Other chapters within the Life & Health Insurance Exam Prep & Practice course
- Types of Life Insurance Policies
- Policy Riders, Provisions, Options & Exclusions
- Taxes, Retirement & Other Insurance Concepts
- Disability Insurance Policies
- Health Insurance Policies & the Government
- Provisions of Health Insurance Policies
- Social Insurance Programs
- Health Insurance Rights & Benefits
- Insurance Applications & Underwriting