Insurance is a contract, and the insurance contract is a special type of contract. The course covers what an employee, officer, or director of a corporation needs to know to be able to read and understand an insurance policy in order to establish that it provides the insurance protection needed.
The course covers the following:
- That insurance is a contract and how to understand the basic rules of interpretation of contracts.
- The application for insurance and how it is used by the applicant and the insurer.
- The need for offer, acceptance, and consideration to form an insurance contract.
- How to read and understand the insurance contract.
- The first party property insurance contract and how it is formed and made effective.
- The importance of conditions and limitations in a first party property policy.
- The rules of insurance contract interpretation.
- The "contra preferentum" rule.
- The standard fire policy.
- The auto material damage policy.
Learning Objectives
- Explore the steps necessary to interpret insurance policies.
- Explore how insurance is interpreted by courts.
- Explore how to deal with the elements of a contract: offer, acceptance and consideration.
- Identify the need to complete a thorough, honest, and complete application and understand how the application is used by the insurer.
- Identify the need to read and understand the policy after it is delivered.
- Recognize the need to read a policy after it is delivered to ascertain it provides the coverages ordered by the applicant.
1 Review (3 ratings)Reviews
Frank Perillo
(Not Provided at Frank Perillo CPA)
Very easily understood topic and useful information!
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .