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Flashcards in contract law and legal factors affecting underwriting Deck (95)
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91

what is the fundamental rule of agency law'?

acts of n agent, within the scope of the agents power, are acts of the principal. an agent can subject the principal to contractual liability.

92

define waiver

the voluntary giving up of a right.

93

are waivers done orally or written?

both,
> an extension is deemed as a waiver as well

94

what does estop mean?

to prevent of preclud.

95

how can producers create an estoppel on the insurance company

by misleading the propsoe dinsured, such as when the agent informs the application that is not necessary to disclose complete medical history.
> when this occurs the insurer is estopped from asseting a defence of material misrepresentation.