Asked by DAVID WHITLOCK on Jun 23, 2024
Verified
Which of the following is true of insurance contracts?
A) Some statutes require them to be in writing.
B) Contracts for property insurance are usually within the statute of frauds.
C) Once formed,insurance contracts cannot be amended or reformed.
D) Insurance contracts are governed by federal laws.
Statute Of Frauds
A legal principle requiring certain types of contracts to be in writing and signed by the party to be charged, to prevent fraud and perjuries.
Federal Laws
Laws enacted by the national government of a country, which apply to all citizens and entities within that nation's borders.
In Writing
A form of communication or documentation that is recorded on a physical medium or in digital format, providing a tangible or electronic record.
- Comprehend the essence and attributes of insurance agreements, including their categorization as indemnity contracts.
- Comprehend the legal veracity of insurance contracts and the stipulations for their inception and completion, focusing on the elements of offer, acceptance, and consideration.
Verified Answer
LR
Luciana ReichelJun 24, 2024
Final Answer :
A
Explanation :
State law governs whether insurance contracts are within the statute of frauds and must be evidenced by a writing.Some states require specific types of insurance contracts to be in writing.
Learning Objectives
- Comprehend the essence and attributes of insurance agreements, including their categorization as indemnity contracts.
- Comprehend the legal veracity of insurance contracts and the stipulations for their inception and completion, focusing on the elements of offer, acceptance, and consideration.