An Insurance Contract Is Legally Binding Only If the Insured

question 28

Short Answer

An insurance contract is legally binding only if the insured has a(n)____________________ in the subject matter of the insurance.

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Definitions:

Contractual Agreement

A legally binding contract between two or more parties outlining the terms and conditions of their arrangement.

Financial Statements

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Joint Arrangement

An agreement between two or more parties to undertake an economic activity that is subject to joint control.

Controlling Interest

Ownership of a portion of a company that is large enough to influence or control its operations and decisions, typically over 50% of the voting rights.