Where a Contractual Term Has More Than One Possible Meaning

question 32

True/False

Where a contractual term has more than one possible meaning, it will be interpreted in favor of the party who supplied the contract.

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Definitions:

Insurance Policies

Contracts between an insurer and an insured that provides financial protection or reimbursement against losses.

Total Gross Pay

The complete amount of income earned by an employee before any deductions or taxes are applied.

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service, often a percentage of the sale.

Net Proceeds

The amount of money received from a sale after subtracting costs and expenses.