Contracts and Insurance

You are ready to buy the real estate (the property). What contract must you sign?

If someone doesn’t fulfill certain conditions according to the contract, the other party can __________

• blind

• sign

• sue

• breach

What is the insurance policy? Where and when can people use it?

An emploment contract is between the employer and employee?

• true

• false

What is the definition of insurance ?

• Insurance is the the third party which you make a monthly payment to

• Insurance helps you out when youre in need

• Insurance are the people you call when youre in need

• Insurance helps when youre stuck

What is a contract?

• A contract is an agreement that binds two people together

• A contract is an agreement to always be the better person

• A contract is any agreement between two or more persons that is binding by law.

Business can choose :

Property insurance – insures against loss or damage to business and contents. (fire insurance, storm damage insurance, etc)

Liability insurance – insures business against being sued for negligence

Vehicle insurance – insures against damage to or loss of the business vehicles or damage caused by vehicles

• True

• False

• Non of the above

In an insurance contract, the insurer and insured is both involved

• false

• true

Term Life Insurance:

• Insurance that provides protection against loss of life for only a specified term

• Insurance that only applies to the policyholder

• Insurance that covers the belongings of someone who is renting a property

• Insurance for extended care when someone cannot live by themselves

Aims to cover the insured for losses that may be incurred as a result of unforeseen circumstances.

• Indemnification

• Insurable interest

• Good faith

• Compulsory insurance