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An insurance policy in combination with the application for insurance together make a legally binding contract. The application is the acceptance of the quote along with certain guarantees made by the applicant. As long as the truth is given on the application then the application is accepted by the company and it is a bound contract. If it is later found that you lied on the application, the contract is broken and the company does not have to abide by their part of the agreement either.
What else can I help you with?
Is an amendment in a car insurance policy legally binding?
Yes, An insurance policy is a legal contract of indemnity. Amendments and endorsements are changes that become a part of that contract.
Can a deceased dad's insurance policy be contested by an adult child when step mom has been named sole beneficiary?
A life insurance policy is a legal contract and is binding. Therefor unless there is fraud, there is nothing to contest.
How old do you have to be to get car insurance in Alabama?
An insurance policy is a kind of contract, and signatories to a contract must be of the legal age of majority.Throughout the United States, eighteen is the legal age of majority.
Can you get a car insurance quote under 17?
A person under the age of 18 is not a legal adult. For this reason you should not own an automobile. If you do not own the vehicle then you cannot insure it. You can only insure a vehicle that you own. An insurance application and policy together form a legal and binding contract. Most insurance companies will not recognize a legal contract unless it is signed by a legal adult. This is the reason you are having trouble getting a quote.
Can a 17 year old have his own auto insurance in georgia?
No. Most insurance companies do not allow a minor to have their own policy because an insurance policy and application are a legal contract and a minor cannot generally be party to a legal contract. I do know of a couple of insurance companies that overlook this and allow even a 16 year old to buy a policy.
What is the legal term for a condition in a contract that must be fulfilled in order for the contract to be binding?
The legal term for a condition in a contract that must be fulfilled for the contract to be binding is called a "condition precedent."
How do you purchase homeowners insurance?
Just like with any other insurance product, there is an application that you will complete. The application and policy together become a legal and binding contract. If you do not tell the truth on the application it can be deemed as material misrepresentation and can be a reason to void the contract so it is important that you tell the truth when answering all questions on the application.
If you are named beneficiary on an accident life insurance policy and your relationship to owner is listed as wife but never legally married are you still entitled to receive payment?
The Insurance company should ideally check the validity of the relationship (whether legal spouse) at the time of issuing the contract or at the time of naming the beneficiary. Again the basic essence of Insurance contract is the valid insurable interest. I presume the Insurance contract is binding on the insurance company and the surviving spouse need to be compensated with the benefit amount of the Insurance contract.
Is it necessary to disclose all the life insurance policy with every company?
I assume you are talking about disclosing your current life insurance policies to a company that you are applying to for a new policy. You should be absolutely as truthfull as you can in every aspect of any insurance applications that you fill out. The application and policy are a legally binding contract. If it is deemed that you lied on an application on any fact that is determined to be material to the issuance of the policy the insurance can and will find the contract null and void. They depend on the facts that you give them to decide on the policy issued and rates given. As in any legal contract if one party provides false or misleading information to get the other party to enter into a contract then the other party cannot be held to the terms of the contract. You don't want to pay for a policy that will not pay off when you need it.
What is An insurance policy is a legal contract?
Yea, insurance policy is a legal contraft providing for payment of a sum of money to the person assured or, failing him, to the person entitled to receive the same, on the happening of certain event. Any breach of contract by either party can be settled in the Court of Law.
Can a minor get his own auto insurance in Connecticut?
No. A minor is a person who is not of legal age to sign a contract and an insurance policy is a legal contract. A minor may or may not have the ability, depending on state laws and regulations to own a vehicle.
Can legal expenses insurance be used by a solicitor of your choice?
Read the policy contract you have with the insurance company. Unless the policy states that you must use, or choose from, attornies of their choosing, you may.
