Flashcards in Chapter 2 Life Deck (8):
A policy of adhesion can only be modified by whom?
The insurance company
What requires an offer, acceptance, and consideration?
What is the consideration given by an insurer in the Consideration clause of a life policy?
Promise to pay a death benefit
Who makes the legally enforceable promises in a unilateral contract?
Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called
The Consideration clause of an insurance contract includes
The schedule and amount of premium payments
When must insurable interest exist for a life insurance contract to be valid?
Inception of the contract