_____ Conditions Are Understood to Be Part of the Contract

question 37

Multiple Choice

_____ conditions are understood to be part of the contract.

• A) Implied
• B) Expressed
• C) Concurrent
• D) Mutual
• E) Negotiable

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Definitions:

Insurable Interest

A requirement stating that a person seeking to purchase an insurance policy must have a direct interest in protecting the object of the insurance from loss.

Equitable Interest

A legal interest in property that gives a party a financial stake or benefit in the property, though not necessarily an ownership interest.

Life Insurance Policy

A contract between an individual and an insurance company, where the company pays a designated beneficiary a sum of money upon the death of the insured person.

Covered Peril

A specific risk or cause of loss that is protected against under the terms of an insurance policy.