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Florida Health Insurance Study Guide
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Florida Health Insurance Study Guide
- Help to identify and establish the intent of the parties to the contract
Answer: Rules of Construction
- Each party is entitled to rely on the representation of the other, and each party should have
a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive.
Answer: Utmost good faith
- A contract under which one party's performance is contingent on an uncertain event.
Answer: Aleatory Contract
- has the power to bind the insurer
Answer: property and casualty agent
- Insurance company drafts contract and the insured adheres to it. Any ambiguity resolved in
favor of the insured.
Answer: Adhesion Contract
- Insured has completed paying the premium, only one party of the contract is legally
required to do something. Insured promises to pay the death benefit in the event of loss. Can not be held for breach of contract.
Answer: Unilateral contract
- This type of contract is conditional because the company only pays on condition of a loss.
Answer: Conditional contract
- The contract is between the insured and the insurer
Answer: Personal Contract
- guarantee; assurance by seller. Any breach provides grounds for voiding the contract.
Answer: warranty
- a statement believed to be true to the best of one's knowledge.
Answer: representation
- When an uninsurable individual applying for insurance may ask another person to
substitute for him to take the physical examination.
Answer: false pretenses
- A false statement or lie that can render the contract void.
Answer: Misrepresentation
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- The failure to disclose material facts. Grounds for recission by either party.
Answer: concealment (n)
- Something crucial to acceptance of the risk.
Answer: Material Information or facts
- An intentional act designed to deceive and induce another party to part with something of
value.
Answer: fraud (n)
- Rule of law disallowing oral evidence which disputes a written agreement.-
Answer: Parol Evidence Rule
- A contract that may be legally avoided at the option of one or both of the parties.
Answer: Voidable Contract
- an agreement of no legal effect.
Answer: Void Contract
- Authority that is given not in writing but that is necessary for the agent to transact
insurance.
Answer: Implied Authority
- A third party's reasonable belief that an agent has authority to act on the principal's behalf.
Answer: Apparent Authority
- the authority of an agent, stated in the document or agreement creating the agency.
Answer: Express Authority
- means that the agent carries "signs or evidences of authority.
Answer: Lingering implied authority
- A legal impediment to denying a fact or restoring a right that has been previously waived.
Answer: Estoppel
- one that meets all of the requirements of a binding contract. Competent parties, legal
purpose, and consideration, not an actual written document.
Answer: - Valid Contract (Legal Contract)
- Important documents with a custom folder.
Answer: Policyfolder
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