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An Insurance Contract Is a Type of Standard Form Contract

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Essay

An insurance contract is a type of standard form contract.The courts have specifically adopted special interpretation rules concerning the interpretation of ambiguous terms in insurance contracts.Identify the three main rules the court uses.


Definitions:

Multinationals

Corporations that own or control production of goods or services in one or more countries other than their home country, often having a significant impact on global trade and economy.

Division of Labour

The distribution of various segments of a production task among different individuals to enhance productivity.

Time Crunch

A situation characterized by a pressing or limited amount of time to complete tasks or activities.

Interlocking Directorates

The practice of members of a corporate board of directors serving on the boards of multiple corporations simultaneously, often leading to conflicts of interest or consolidation of power.

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