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4 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is Insurance |
An agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event. |
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Characteristics of insurance |
Aleatory Uberrimae fidae Risk-distributing device Contract of Adhesion or fine print rule Personal contract Contract of indemnity |
AURA-PI |
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Elements of insurance |
Payment of premiums Assumption of risks Insurable interest Risk of loss Scheme to distribute losses |
PAIRS |
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When is an insurance contract perfected? |
An IC follows the cognition theory. It is perfected from the moment the insured learns of the acceptance of the insurer. |
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