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When you purchase a new insurance policy, review your declarations page and make sure the information is accurate. Do not wait until you need to file a claim before realizing an error, like an ...
Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
Common examples include contracts for the sale of services and goods, construction contracts, contracts of carriage, software licenses, employment contracts, insurance policies, sales or leases of land, among others. A contractual term is a "provision forming part of a contract". [7]
In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured. [ 3 ] In contract law, a warranty is a contractual assurance given, typically, by a seller to a buyer, [ 4 ] for example confirming that the seller is the owner of the property being sold. [ 5 ]
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Insurable value – the value of real property covered by an insurance policy. Generally, it does not include the site value. Liquidation value – may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an ...
Image 1: After a contract is concluded between a buyer and a seller, the buyer's bank supplies a letter of credit to the seller. Image 2: The seller consigns the goods to a carrier in exchange for a bill of lading. Image 3: The seller provides the bill of lading to the bank in exchange for payment. The seller's bank then provides the bill to ...