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How to bold background in the Insuring Agreement

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hi thanks for joining me again first the legal disclaimer this is not my legal advice for you i cant give you legal advice these are simply my personal observations made during more than 20 years of providing legal advice to various companies and now glidewell laboratories as youre aware owning or operating a dental laboratory business requires entering into multiple transactions with other people or companies throughout any given year you will buy products and services from others and you will sell your products and services to others obviously you enter into these transactions because they benefit your business your goal at the end of the year is to make more money selling your products and services then you spend buying the products and services of others i want to help you end up making more money so today im going to talk about some of the pitfalls you might encounter when entering into contracts specifically im going to focus on a couple of provisions that i see in just about

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What is included in the insuring agreement?

Insuring Agreement The portion of an insurance contract that describes what is covered. The insuring agreement usually states the perils insured against, the person(s) and/or property covered, the property locations, and the period of the contract. Small Business Guide To Commercial Insurance ca.gov flipbook commercialin ca.gov flipbook commercialin

What 3 additional elements need to be present in an insurance contract?

The other elements required are specific to insurance contracts: Indemnity. Insurable Interest. Utmost Good Faith.

What is found in the insuring clause?

The insuring clause states the very purpose of the life policy; it outlines the conditions under which the policy will pay. If the insured dies, the insurer promises to pay the beneficiary the death benefit as laid out in the policy.

What is included in insurance contract?

There are four necessary elements to comprise a legally binding contract: (1) Offer and acceptance, (2) consideration, (3) legal purpose, and (4) competent parties. The effective date of a policy is the date the insurer accepts an offer by the applicant as written.

What is included in the insured contract?

An insured contract is a type of contract that involves the transfer of risk from one party to another through insurance coverage. The term refers to a contract that includes provisions that obligate the insurance company to cover losses or damages that result from the insured partys performance of the contract.

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