contract of insurance definition

Determining what amounts to sufficient consideration in any given case is a matter for the courts. The act, business, or system of insuring. c. A means of being insured. The state of being insured. The insurance contract may be divided into two forms—first life insurance contract and second contract of indemnity.. The definition of insured contract establishes the types of contracts that are covered by the policy. The event, the death, in life insurance is certain, but the only uncertainty is the time when the death will occur. Breach of Contract Definition. definition_of_insurance_contract_en - Read online for free. Insurance is a contract in which one party (the "insured") pays money (called a premium) and the other party promises to reimburse the first for certain types of losses (illness, property damage, or death) if they occur. Insurance - Insurance - Contract law: In general, an insurance contract must meet four conditions in order to be legally valid: it must be for a legal purpose; the parties must have a legal capacity to contract; there must be evidence of a meeting of minds between the insurer and the insured; and there must be a payment or consideration. Define a contract of life-related insurance. Any contract in which you assume the tort liability of another party for claims seeking damages for bodily injury or property damage qualifies as an insured contract. Definition of Insurance Law. The definition includes the most common kinds of business contracts. In practice, however, the legal definition of consideration is very wide. In order to understand insurance law, it is useful to understand insurance first. Insured Contract — a defined term common in liability policies that provides limited exceptions to the contractually assumed liability exclusion, by stating that the exclusion does not apply to liability assumed in an "insured contract." b. A breach of contract is a violation of any of the agreed-upon terms and conditions of a binding contract. n. 1. a. means a contract of insurance under which the insured event is the death, injury, ill-health or incapacity of Insurance contract synonyms, Insurance contract pronunciation, Insurance contract translation, English dictionary definition of Insurance contract. 2. a. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or … As with any other contract, a contract of insurance that is not effected by way of a deed will only be legally binding if, amongst other things, it is entered into for valuable consideration. Occurring of Event. Characterising a contract as one of insurance has significant consequences.

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