Policy Provision and Contract Law

All of the following are elements of a contract EXCEPT:

• Agreement

• Consideration

• Legal Purpose

• Counteroffer

A customer provides premium and an application, this is known as:

• Consideration

• Offer

• Acceptance

• Legal Purpose

The customer submits an application is known as the...

• Legal Purpose

• Consideration

• Acceptance

• Offer

A statement an applicant makes on a policy

• Warranty

• Representation

• Waiver

• Estoppel

The main purpose of the Gramm-Leach-Bliley...

• Pay for acts of terrorism

• Require acts of terrorism be paid for

• Protect against circulation of inaccurate/obsolete info

• Protect Consumer Privacy

What protects consumers against the circulation of inaccurate or obsolete personal financial information

• Fair credit act

• Fair credit reporting act

• Appraisal

• Gramm-Leach Bliley Act

Termination of a policy at it's expiration..

• Cancellation

• Stop Loss

• Ending Clause

• Nonrenewal

Process used for disagreements with property claims

• Appraisal

• Abritration

• Co-Insurance

• Pro -Rata

Letting the insurer know of a potential claim

• Insuring Agreement

• Notice of Claim

• Proof of Loss

• Insuring Agreement

Which answer(s) are element(s) of a contract?

• Competent Parties

• Defenitions

• Agreement

• Conditions