Contract Law
Rescission of a contract
An intentional or unintentional concealment entitles the affected party to which of the following?
Contract that are prepared by one party and submitted to the other party on a take-it-or-leave-it basis are classified as
Contracts of adhesion
Express warranty
Factual statements about the insured or the risk in an insurance policy are considered
Unilateral
In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe?
A written instrument in which a contract of insurance is set forth
Insurance policy is
Implied warranties
Representations in insurance contracts qualify as
Unilateral
If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it?
Consideration
Something of value exchanged between the insurer and the insured is considered an
The materiality of a given concealment
The importance of a misrepresentation is determined by
Tort
What is a wrongful act or the violation of someone's rights that leads to legal liability called?
A contract between an insured and an insurer that guarantees payment for loss caused by a specific event
Which of the following best defines an insurance policy?
Discontinuance of an insurance policy by the insured on the policy anniversary date
Which of the following best describes the policy nonrenewal?