All of the Following Are Requirements of a Contract of Insurance

question 49

Multiple Choice

All of the following are requirements of a contract of insurance except:

• A) the contract must be in writing
• B) it must be for a legal purpose
• C) there must be legal capacity of the parties
• D) there needs to be an offer and an acceptance

---

Definitions:

AASB 101

The Australian Accounting Standards Board guideline concerning the presentation of financial statements.

Corporations Act

A major legislation regulating corporate entities in some jurisdictions, detailing rules on incorporation, management, shareholders, and financial reporting.

Operating Cycles

The period of time it takes for a company to purchase inventory, sell it, and convert the sale into cash.

Property Development

The process of planning, investing in, and building projects on real estate property, including commercial, residential, and industrial projects.