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Insurance Contracts Are Agreements Between Which Two Parties Quizlet

Insurance Contracts Are Agreements Between Which Two Parties Quizlet
Ditambahkan pada : September 24th, 2021
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Insurance contracts were traditionally concluded on the basis of each type of risk (risks were defined extremely narrowly) and a separate premium was calculated and calculated for each of them. Only the individual risks expressly described in the policy or “foreseen” were covered; This is why these guidelines are now described as “individual” or “calendar” guidelines. [13] This system of “designated hazards”[14] or “specific hazards”[15] did not proven to be sustainable in the context of the Second Industrial Revolution, as a typical large conglomerate could present dozens of types of risks against which it must insure itself. Acceptance by the bidder (the person accepting a bid) is unconditional consent to all the terms of the bid. There must be what is called a “meeting of minds” between the contracting parties.

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