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California Insurance Exam Prep
California Insurance Exam Prep
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Chapter 2
Contract Law
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Contract law vs. tort law, and the four elements of a contract
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Aleatory, conditional, unilateral, and adhesion
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Indemnity, personal contract, and utmost good faith
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The policy and the six things it must specify
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Concealment: what you leave out
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What does not need to be disclosed (§§333, 339)
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Materiality: would it change the underwriter's mind?
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Representations: what the applicant tells the insurer
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Warranties: promises built into the policy
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Fraud: concealment with a purpose
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Waiver and estoppel
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Rescission: undoing the contract, and when an insurer may do it
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Application, policy, endorsement; cancellation, lapse, grace period
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Rate, premium, earned and unearned premium
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Premium grace period after a declared emergency (§2062)
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