Management 202: Insurance Principles

BUSINESS LAW

insurance-4

A contract of insurance must satisfy all the essential elements required as an ordinary contract. That is offer and acceptance, capacity to contract, intention to create a legally binding relationship, lawful objective, lawful consideration, and so on

Apart from these general essential elements of an ordinary contract, a contract of insurance must also have its own essential elements applicable to it as a special branch of contract, these essential

These essential elements are classified as:

 

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