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  • Notes - Contract of Insurance

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    This document summarizes the key elements of a contract of insurance according to California civil code and jurisprudence. It defines a contract of insurance as a risk distributing device where clients' premiums absorb losses dependent on events. It also outlines the characteristics of such contracts as indemnifying only actual losses, being personal based on character and conduct, consensual requiring only consent, requiring utmost good faith, being unilateral, being adhesion contracts prepared by insurers, and being conditional. It distinguishes the roles of the insured who has an insurable interest in the subject of risk of loss, and the insurer who assumes the risk as part of distributing it. Insurance is defined as reimbursement of actual loss.

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    Introduction to the Contract of Insurance

    Original Title

    Notes- Contract of Insurance

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    This document summarizes the key elements of a contract of insurance according to California civil code and jurisprudence. It defines a contract of insurance as a risk distributing device where clients' premiums absorb losses dependent on events. It also outlines the characteristics of such contracts as indemnifying only actual losses, being personal based on character and conduct, consensual requiring only consent, requiring utmost good faith, being unilateral, being adhesion contracts prepared by insurers, and being conditional. It distinguishes the roles of the insured who has an insurable interest in the subject of risk of loss, and the insurer who assumes the risk as part of distributing it. Insurance is defined as reimbursement of actual loss.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
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    5 views1 page

    Notes - Contract of Insurance

    Uploaded by

    erwin_cula
    This document summarizes the key elements of a contract of insurance according to California civil code and jurisprudence. It defines a contract of insurance as a risk distributing device where clients' premiums absorb losses dependent on events. It also outlines the characteristics of such contracts as indemnifying only actual losses, being personal based on character and conduct, consensual requiring only consent, requiring utmost good faith, being unilateral, being adhesion contracts prepared by insurers, and being conditional. It distinguishes the roles of the insured who has an insurable interest in the subject of risk of loss, and the insurer who assumes the risk as part of distributing it. Insurance is defined as reimbursement of actual loss.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    1- CONTRACT OF INSURANCE

    -Civil Code and jurisprudence in California


    -MEMORIZED Definition of Contract of Insurance
    -Characteristics (RAIP-CUCAC)
    R-Risk distributing device: Clients of insurer premium absorb loss
    A-Aleatory: dependent on event
    I-Indemnify: pay actual loss only
    P-Personal: factored by character, credit, conduct
    C-Consensual: perfected by mere consent
    U-Utmost Good Faith
    C-Unilateral
    A-Adhesion: insurer prepares contract
    C-Conditional
    -Insured= insurable interest subject of risk of loss
    -Insurer= assumes risk which is part of risk distribution scheme
    -Insurance= reimbursement of actual loss
    -Wagering Contract: game of chance(sale of chances)
    -Suretyship: surety

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