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you have now learned the legal concepts of the insurance contract lets review some of the key areas from this section that will help you prepare to pass insurance contract insurance policies are legal contracts contract law defines a contract as a legally binding agreement between two or more parties where a promise of benefits is exchanged for a consideration in order for an insurance contract to be legally binding it must have four essential elements offer an acceptance consideration legal purpose and competent parties offer and acceptance an offer is made when the applicant submits an application for insurance to the insurance company the offer is accepted after has been approved by the insurance companys Underwriters consideration a consideration is something of value that each party gives to the other the consideration on the part of the insured is the payment premium the consideration on the part of the insurance company is a promise to pay in the event of loss legal purpose an
