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There is paperwork needed, especially when you are running an insurance agency. Insurance is defined as an arrangement by which an insurance company guarantees protection and compensation for a particular loss, harm, disease, or death in exchange for payment of a premium. An insurance contract represents the agreement between an insurance company and the insured. It specifies the offer and acceptance, consideration, benefit, legal capacity. The content of an insurance contract depends on the sort of policy, what the insurance applicant wants, and how much money is he prepared to pay. This article will discuss what is needed to make it a valid insurance document that is legally enforceable. Here are the important requirements when making your insurance contract through Apple Pages:
Typically, the insurance offer, the proposal form which the insurance applicant filled out, is initiated through the authorized representative of the insurance company. For it to be legally enforceable, one party must agree with a definite, unqualified offer, and the other must accept its precise conditions. There are cases when the application is submitted with the initial premium; the insurance applicant can make an offer on the insurance contract. When issuing the policy as requested, the insurance company recognizes the offer. If a counteroffer responds to an offer, the first bid is void.
The consideration is the value given to each other by the parties agreed to a contract. The consideration is the premium or the future premium of the insurance contract. This is the most important aspect of the agreement. Both of the parties involved in the insurance contract must provide consideration. Generally, the insured will agree to pay a premium, and insurers will promise to proved benefits in the event of a loss. The premium can be payable in a single sum or most consumer cases through installments on credit terms.
The consideration is the assurance that the insurance agency will provide a benefit in exchange for the premium. Benefits usually come in the form of money, but it is not necessary to be cash. Insurance contracts must have some value and have a legal right to the benefit when the claims fall.
Each party of the insurance must be legally capable or competent enough to agree to them. Insurers shall be deemed competent if they are licensed under the rules governing them. On the other side, most adults have the legal capacity; however, if the applicant is mentally incapable, then he or she is not qualified to make the insurance. The law does not offer minors the legal capacity to agree to agreements in order to safeguard them except where the law specifies.
For insurance to be enforceable by the judiciary, all contracts must have a legal purpose. This implies that the objective and the reasons the parties enter into the contract must be legal. If the contract is created to encourage illegal activity, it is invalid.