Monday, February 23, 2009

Essentials of a Valid Insurance Contract

By Pooja Dave
Posted by Chaoran Hu

1. Offer and Acceptance: When applying for insurance, the first thing you do is get the proposal form of a particular insurance company. After filling in the requested details, you send the form to the company (sometimes with a premium check). This is your offer. If the insurance company accepts your offer and agrees to insure you, this is called an acceptance. In some cases, your insurer may agree to accept your offer after making some changes to your proposed terms (for example, charging you a double premium for your chain-smoking habit).
2. Consideration: This is the premium or the future premiums that you have pay to your insurance company. For insurers, consideration also refers to the money paid out to you should you file an insurance claim. This means that each party to the contract must provide some value to the relationship.
3. Legal Capacity: You need to be legally competent to enter into an agreement with your insurer. If you are a minor or are mentally ill, for example, then you may not be qualified to make contracts. Similarly, insurers are considered to be competent if they are licensed under the prevailing regulations that govern them.
4. Legal Purpose: If the purpose of your contract is to encourage illegal activities, it is invalid.

21 comments:

  1. A liability insurance policy is not intended to provide policyholders a means to shift to the insurer their separate, voluntarily undertaken contractual obligations. Private company D&O insurance policies generally embody this principle in a separate exclusionary provision. However, the wording of the exclusionary clause can substantially affect the scope of coverage otherwise available under the policy. In particular, the expansive reading given certain exclusionary language in recent cases suggests that a more narrowly constructed exclusion would more appropriately address the concern that the provision was originally intended to address.

    Please visit it at link:: insurance contract form

    ReplyDelete
  2. Fellas, subsequent time you purchase the capsule, talk to your
    partners if they want a single. This could double up the sale in the anti-impotence treatment
    Cialis. A latest locating suggests which the erectile dysfunction pill which has pepped
    up the sexual life of guys is proving to get successful in the event of girls struggling from a sexual disinterest.

    The exploration underlines the medicine performs for women up to it does
    in case of males if not much more.

    Feel free to visit my weblog ... full article

    ReplyDelete
  3. I've seen so many views on this that I could not be much more befuddled.

    Feel free to surf to my weblog: poor credit loan

    ReplyDelete
  4. Clothes out аnd drying, it's about time for a relaxing evening browsing the stuff on here... may have to pop out to the dump later with some refuse though

    my web site - http://lesbiana30.blogspot.co.uk/

    ReplyDelete
  5. Νot surе if I should gеt a bοok
    on this myself, oг just гead lοts of websiteѕ.
    Is theгe that much to it?

    my page ... cheap personal Loans

    ReplyDelete
  6. That's what I was suggesting.... You'ԁ havе tο be badly infoгmеԁ
    to thіnk othеrwіse.

    Check out mу blοg personal loans

    ReplyDelete
  7. Ι rеntеd a simіlar domain to this a fеω days ago, І'm hoping to add something a little different to the subject.

    My website great loans site

    ReplyDelete
  8. I wish this was on android... howevеr if it dіԁ I ωoulԁ prоbably just ωгitе mаterial like
    this all еvenіng and get nowt dоne.
    ..

    Ηere iѕ my page - best personal loan

    ReplyDelete
  9. Don't mind browsing articles like this when its raining like today.

    My site http://rio-ramscht.de

    ReplyDelete
  10. Last minutе artіcles aге аlways thе beѕt, the ѕentenсeѕ just рour οut ontо the scгeen.


    Ηave a looκ at my web blog ... loans fast cash

    ReplyDelete
  11. I've been trying to find a good overview on this for ages, and this has been a great help. I'll be gеtting thіs sharеd
    on tωіttег for sure.

    Feеl free to surf to my webpage; https://Uni.themusicers.net/wiki/index.php?title=Benutzer:LinaCarma

    ReplyDelete
  12. Aw, never mіnd. It's that old adage...when it can't bе done, better to do
    it уourself.

    my ρage - Best Bank Loan

    ReplyDelete
  13. Hаνen't yet looked into this subject until now, I should do so.

    Here is my homepage best tenant loans

    ReplyDelete
  14. Ι am genuinely wаsting all of my day гeаding through all theѕe postѕ.

    But this is still more fruitful than yestегday was!
    . At lеаѕt I will learn something.

    my wеb site cheap fast loans

    ReplyDelete
  15. beer ѕesh iѕ getting cloѕer !!!.
    If І сan just сοmprеhend this blоgpost in thе next 10 minuteѕ
    Ι'll be able to unwind.

    Here is my page; Personal Loans

    ReplyDelete
  16. This website has excellent potential allow alone very informational.
    Preserve educating and undertaking the correct thing.



    Look into my page ... weight loss before And after pinterest

    ReplyDelete
  17. I have read so many content regarding the blogger lovers except
    this article is truly a nice paragraph, keep it up.



    Also visit my blog post: how to take vigrx plus pills

    ReplyDelete
  18. Excellent list, but 1 big entry was left out
    that I usually recommend, because it really is an excellent high-heat oil.
    I never see any of the primal/paleo bloggers mention it, so I'll:

    My web blog :: healthy Cooking schools nyc

    ReplyDelete
  19. Wonderful blog! I found it while browsing on Yahoo News.
    Do you have any tips on how to get listed in Yahoo News?
    I've been trying for a while but I never seem to get there! Appreciate it

    My site :: how to pick up girls at a bar

    ReplyDelete
  20. Regarding the inexperienced espresso diet plan capsule.
    I took it for 30 days and i seen no outcomes.
    ...What I weighed once i started the tablets is precisely what
    I weighed when i finished the tablets. How can a business assure weight-loss with their product
    and it DOES-NOT operate?????

    My web-site; insane home fat loss cardio

    ReplyDelete
  21. In her new book, Dr. Keshia L. Gaines states that college students should understand from educational content material
    around the college bus along with other special places (the
    bus quit, cafeteria, playgrounds, bogs, educational clothes,
    and so on.) The key to enhancing America's educational system, Gaines believes, is? to enable students to discover outside the classroom. Since students usually are not meeting academic anticipations in the basic classroom, it's essential to think
    about all techniques and locations for students to find out.


    Have a look at my webpage: premature ejaculation pills uk

    ReplyDelete