Identify the Element of the Insurance Contract That Is a General

question 11

Multiple Choice

Identify the element of the insurance contract that is a general statement of the promises the insurer makes to the insured.

• A)Conditions
• B)Endorsements and riders
• C)Exclusions
• D)Declarations
• E)Insuring clauses

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Definitions:

Express Repudiation

The clear and unequivocal refusal to honor a contract or agreement, effectively declaring one's intention not to perform their contractual obligations.

Quantum Meruit

A legal principle allowing a party to recover costs for services provided when no contract exists, based on the reasonable value of the work.

Specific Performance

A legal remedy in contracts where the court orders the party who breached the contract to perform the promised action rather than simply paying damages.

Liquidated Damages

Predetermined monetary compensation agreed upon by parties in a contract as a remedy for specific breaches, especially delays.