Insurance Contracts

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Level: Beginner

Why you need this course:
After completing this course, you'll have a basic understanding of the elements of a valid contract, special characteristics and categories of insurance policy provisions, and the basics of policy construction.

Upon successful completion of this course, you should be able to:

  • Explain the four elements of any valid contract.
  • Describe the special characteristics of insurance contracts.
  • Describe the principle of indemnity.
  • Summarize the information usually found in the declarations page(s) of an insurance policy.
  • Explain the purpose of the following categories of insurance policy provisions:
    • Definitions
    • Insuring agreements
    • Exclusions
    • Conditions
    • Miscellaneous provisions
  • Distinguish between manuscript policies and standard forms.
  • Describe the advantages and disadvantages of standard forms to insurers and insureds.
  • Distinguish between a self-contained policy and a modular policy.
  • Describe the conditions commonly found in property and liability insurance policies.
  • Explain how subrogation works.

Cost: $20 per Professional Development Hour (PDH). Information on PDHs provided can be found here.

Insurance Contracts Topics Include:

  • Four elements of any valid contract
  • Special characteristics of insurance contracts
  • The principle of indemnity
  • Information usually found in the declarations page(s) of an insurance policy
  • The purpose of certain categories of insurance policy provisions, including definitions and insuring agreements
  • Manuscript policies and standard forms
  • Advantages and disadvantages of standard forms to insurers and insureds
  • Differences between a self-contained policy and a modular policy
  • Conditions commonly found in property and liability insurance policies
  • Subrogation

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