Questions: For each definition on the left, select (drag and drop) the correct term from below. Agreement that exists before a contract is issued. Intentional relinquishment of a known right. The price each party demands for agreeing to carry out his or her part of the contract. Situation in which insureds have no input in the design of a policy's terms. Situation when the insurer or its agent leads an insured to believe coverage exists, and thus the insurer cannot later claim that no coverage existed. Waiver Indemnity Adhesion Subrogation Concealment Estoppel Representations Consideration Binder

For each definition on the left, select (drag and drop) the correct term from below.

Agreement that exists before a contract is issued.

Intentional relinquishment of a known right.

The price each party demands for agreeing to carry out his or her part of the contract.

Situation in which insureds have no input in the design of a policy's terms.

Situation when the insurer or its agent leads an insured to believe coverage exists, and thus the insurer cannot later claim that no coverage existed.

Waiver
Indemnity
Adhesion
Subrogation
Concealment
Estoppel
Representations
Consideration
Binder
Transcript text: For each definition on the left, select (drag and drop) the correct term from below. Agreement that exists before a contract is issued. Intentional relinquishment of a known right. The price each party demands for agreeing to carry out his or her part of the contract. Situation in which insureds have no input in the design of a policy's terms. Situation when the insurer or its agent leads an insured to believe coverage exists, and thus the insurer cannot later claim that no coverage existed. Waiver Indemnity Adhesion Subrogation Concealment Estoppel Representations Consideration Binder
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Agreement that exists before a contract is issued: Binder
A binder is a temporary agreement that provides coverage until a formal insurance policy is issued.

Intentional relinquishment of a known right: Waiver
A waiver is the voluntary and intentional relinquishment of a known right, often in the context of legal or contractual rights.

The price each party demands for agreeing to carry out his or her part of the contract: Consideration
Consideration is the value (such as money, services, or goods) that each party agrees to exchange as part of a contract.

Situation in which insureds have no input in the design of a policy's terms: Adhesion
An adhesion contract is one where the terms are set by one party, and the other party has little or no ability to negotiate more favorable terms.

Situation when the insurer or its agent leads an insured to believe coverage exists, and thus the insurer cannot later claim that no coverage existed: Estoppel
Estoppel prevents a party from asserting something contrary to what is implied by a previous action or statement of that party, especially when the other party has relied upon it.

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