A contract must be supported by this to be valid and is often in the form of money
consideration
3 of 12
A means of terminating the insurance contract if there was a total loss of the subject matter e.g. if a car was burnt out
fulfilment
4 of 12
An insurer can avoid a contract as a consequence of non-disclourse/misrepresentation by setting it aside as
abinito
5 of 12
A term in an insurance contract which according to the Marine Insurance Act 1906 must be exactly and literally complied with by the insured
warranty
6 of 12
Under IA 2015 what type of act can an insurer elect to terminate the insurance contract from the time of a act without a return of the premium
fraudulent
7 of 12
Someone who is authorised by a principal to bring that principal into contractual relations with another third party
agent
8 of 12
A way agency can arise where both parties enter into a legally enforceable agreement
consent
9 of 12
A way agency can arise when a person is entrusted with someone else's goods and it becomes necessary to act in a certain way in order to preserve the property in an emergency
necessity
10 of 12
A way agency can arise if the agent acts without authority but the principal accepts the act as having been done on their behalf
ratification
11 of 12
A from of actual authority for an agent which may be oral or in writing, in insurance usually all terms would be expressed in a TOBA
express
12 of 12
Other cards in this set
Card 2
Front
The final and unqualified agreement to an offer
Back
unconditional
Card 3
Front
A contract must be supported by this to be valid and is often in the form of money
Back
Card 4
Front
A means of terminating the insurance contract if there was a total loss of the subject matter e.g. if a car was burnt out
Back
Card 5
Front
An insurer can avoid a contract as a consequence of non-disclourse/misrepresentation by setting it aside as
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