The principle of an insurance contract (the transfer of risk from a person or business to an ins. co in exchange for money) is INDEMNITY.The purpose is to return the client to the same financial condition that existed prior to a loss. Contracts must be mutual in agreement,there is consideration,a valid reason,legal age,conditional,they are aleatory and are unilateral in agreement.
June 30th, 2008 at 7:31 am
i really dont know…lol
June 30th, 2008 at 7:31 am
The principle of an insurance contract (the transfer of risk from a person or business to an ins. co in exchange for money) is INDEMNITY.The purpose is to return the client to the same financial condition that existed prior to a loss. Contracts must be mutual in agreement,there is consideration,a valid reason,legal age,conditional,they are aleatory and are unilateral in agreement.