Finish chart in the Insuring Agreement

Aug 6th, 2022
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How to finish chart in the Insuring Agreement

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foreign exam Queen and in this video were going to talk about the difference between consideration and uh conditions because we they look similar and Ive noticed that people get these two confused a lot so were going to Deep dive into making sure we know the difference between the two and that were choosing the right answers on our exam so that we can secure a pass and this channel is all about securing a pass feel free to drop a comment below about what state youre in and what test you are taking and I will share with you what is most important to study in that state and for that exam as well as how I can additionally help you I have the YouTube videos here but I also have free resources available on my website at insurance examqueen.com as well as class series that work for every state available for both Property and Casualty and life and health and we have a Facebook group where you can come and get support as well and if you tag me Melissa Dillon I will respond to your questio

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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.
A person has an insurable interest in something when loss-of or damage to that thing would cause the person to suffer a financial loss or other kind of loss. Typically, insurable interest is established by ownership, possession, or direct relationship.
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.
In general, an insurance contract must meet four conditions in order to be legally valid: it must be for a legal purpose; the parties must have a legal capacity to contract; there must be evidence of a meeting of minds between the insurer and the insured; and there must be a payment or consideration.
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 other elements required are specific to insurance contracts: Indemnity. Insurable Interest. Utmost Good Faith.
Three components of any insurance type are the premium, policy limit, and deductible.
The Basics of an Insurance Contract Declaration Page. Insuring Agreement. Exclusions. Conditions.

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