insurance Crossword

Occurs when the underwriter approves the application
take it or leave it
Offer made by applicant in the form of an application once insurer accepts the application agreement has been made
Unequal exchange of benefits versus premiums
Must be sober of sound mind and of legal age 15yrs
A contract that requires both parties to meet certain conditions after the policy is enforce
An exchange of value between 2 parties
Is proven by the applicant in that if they suffered a loss it would warrant a financial hardship requiring compensation
The application
A statement made on an application for insurance that the applicant believes to be true to the be of their knowledge
A contract where an act is exchanged for a promise, in a unilateral contract only one party is bound to do anything like the insurer is legally bound to make payments on claims after the premium has been paid
Is considered a statement of fact or something guaranteed to be true in an insurance contract it is the policy itself
In order to be legal a contract must have agreement, consideration, competent parties, and legal purpose