Asked by Mariah Donnally on Jun 18, 2024
Verified
If an insurance applicant sustains losses after submission of the application but before acceptance by the insurer,the rule in most states is that the insurer must nevertheless cover the losses.
Losses
The negative financial impact resulting from the difference between costs and revenues, often attributed to business operations, investments, or unforeseen events.
Submission
The act of presenting a document, proposal, or application for consideration or judgment.
Acceptance
Acceptance, in contract law, refers to the expression of agreement to the terms of an offer, thereby creating a binding contract between parties.
- Discern the instances where insurance contracts are subject to being invalidated or remodelled, and grasp the constitutional rights and obligations of the concerned parties in these situations.
Verified Answer
Learning Objectives
- Discern the instances where insurance contracts are subject to being invalidated or remodelled, and grasp the constitutional rights and obligations of the concerned parties in these situations.
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