Contracts
Under Common Law , you require Agreement, Genuine intention, Capacity to contract, Legality of purpose and what else in order for a contract to exist
What is Consideration $$$
Under Civil Code of Quebec these four things are required in contracts to be legally binding. Consent, Capacity to contract, cause of contract and
What is Object of Contract
An agreed amount the insured must pay on a claim before an insurance company will cover the rest of the claim
What is a deductible ?
This principle ensures that the insured has a legitimate financial stake in the subject of insurance.
What is insurable interest?
An illegal contract is a ...
Void Contract
What is insurable interest ?
Fair market Value
What is ACV ?
Insurable interest must exist at this point in time for property insurance.
What is the time of loss?
The Value received to bind a contract. The $$$ or whatever is being used in substitution of money
What is consideration ?
Insurance contracts require 3 special elements, insurance interest, Indemnity and
What is upmost good faith ?
The current cost to replace lost or damaged property
What is replacement costs ?
This type of insurance requires insurable interest only at the inception of the policy.
What is life insurance?
Infants or minors, Insane or mentally incompetent persons may have limited ability of what ?
What is Capacity to contract
A fact that would affect a contract of insurance enough to influence the insurers decision regarding they would accept or reject the risk
What is material fact
Refers to replacement of damaged, destroyed or lost property of similar type and condition
What is LKQ ?
This legal doctrine may override the principle of indemnity by allowing recovery beyond actual loss in certain cases of third-party liability.
What is subrogation
Person who is the legal guardian of another
What is a Tutor
Tina approaches an insurer to insurer her houses and states its her principal residence of solid brick construction and electrically heated. In fact its a weekend residence of wood frame and heated by a fireplace and space heater. What is this an example of ?
What is misrepresentation
The remaining value of property after a loss or severe damage
What is salvage ?
This party owns the property and entrusts it to another for safekeeping or transport.
What is a bailor?