Texas All Lines Adjuster
Quiz Latest 2023 / 2024
In insurance contract the _ __ is the policy premium
and promise to meet conditions of the contract.
Answer:
Considerations of the insured
Competent parties
Answer:
Legal requirement for those accepting an offer.
Legal Purpose
Answer:
Essential element of an agreement in contract law-must comply with laws and
public policy
Contract of adhesion
Answer:
One party has substantially more power than the other in creating the
contract.
Aleatory contract
Answer:
Performance depends on the occurrence of a certain event
Personal contract
Answer:
A contract that binds a person but does not include such person’s heirs or
assignees since the contract requires a personal performance that does not
have an adequate substitute.
Unilateral contracts
Answer:
An act is exchanged for a promise. Once the insured pays the policy premium,
Bilateral contract
Answer:
A promise is exchanged for another promise
Conditional Contract
Answer:
Certain conditions must be met to make the contract legally enforceable.