What You Will Learn!
- Explore the steps necessary to interpret insurance policies.
- Explore how insurance is interpreted by courts.
- Explore how to deal with the elements of a contract: offer, acceptance and consideration.
- Identify the need to complete a thorough, honest, and complete application and understand how the application is used by the insurer.
- Identify the need to read and understand the policy after it is delivered.
- Recognize the need to read a policy after it is delivered to ascertain it provides the coverages ordered by the applicant.
Description
Insurance is a contract, and the insurance contract is a special type of contract. The course covers what an employee, officer, or director of a corporation needs to know to be able to read and understand an insurance policy in order to establish that it provides the insurance protection needed.
The course covers the following:
- That insurance is a contract and how to understand the basic rules of interpretation of contracts.
- The application for insurance and how it is used by the applicant and the insurer.
- The need for offer, acceptance, and consideration to form an insurance contract.
- How to read and understand the insurance contract.
- The first party property insurance contract and how it is formed and made effective.
- The importance of conditions and limitations in a first party property policy.
- The rules of insurance contract interpretation.
- The "contra preferentum" rule.
- The standard fire policy.
- The auto material damage policy.
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