Leeds Metropolitan Business Essay Assignment Solution

Leeds Metropolitan Business Essay Assignment

Table of Contents

Order Number	Y47874HDUEW
Type of Project	Essay/Research Paper
Writer Level	PHD/MASTERS
Writing Style	APA/Harvard/MLA/CHICAGO
Citations	5
Page Count	3-15

Description/Paper Instructions

Leeds Metropolitan Business Essay Assignment

You may select any of the contract analysis topics below. You can focus on one topic, you can use several, or you can select all the topics, if you’d like (although that would be difficult to fit on two to four pages). The important point is to correlate something in each of the two contracts with specific issues from Chapter 6 of the text. Key point – these are administrative services agreements, which are not really insurance contracts. Therefore, they will not include all of the elements from Chapter 6.

Elements of an Enforceable Contract

Offer and acceptance –written application and premium must be submitted in exchange for the promise

Legal purpose –cannot be illegal. Contract by an unlicensed company is illegal. Cannot be speculative (for wagering or gain)

Competent parties– cannot be a minor, intoxicated or legally insane

Consideration– something of value must be exchanged

Unilateral—only one party, the insurer, can be held liable for breach of contract. Only one party makes a promise.

Personal—it covers a person,even if the policy is property insurance

Conditional—one party (the insurer) has an obligation to perform only if the other party (the insured or the life insurance policyowner) meets conditions specified in the contract. There are conditions precedent and subsequent.

Contract of Adhesion— Contract prepared by one party, rather than having its terms negotiated

Non-drafting party can only accept or reject contract as is

If ambiguity exists in an insurance policy, courts are likely to rule in favor of the insured and against the insurer (the party that drew up the contract).

Characteristics of an
Insurance Contract

Characteristics of an Insurance Contract

Parol (spoken) Evidence Rule

Legal principle: oral contemporaneous evidence may not be used to contradict or vary the terms of a valid written contract. Written contract prevails over anything said by either party.

Statements by the agent selling insurance do not alter the written policy

Contract of Indemnity vs. Valued Contract

Contract of indemnity– policyowner is entitled to payment of an amount directly related to the amount of a covered loss. Insurance seeks to compensate the insured for approximately the amount lost, but not more. Make policyowner whole- to put in same position as before the loss. Applies primarily to property insurance

Valued contract – policyowner is entitled to recover the amount specified in the policy, regardless of any measurable financial loss

Insurable Interest

A right or relationship with regard to an insurance contract such that the policyowner will suffer financial loss from damage, loss, or destruction to that subject matter

The purposes of requiring an insurable interest in insurance contract is to prevent gambling (speculation) and decrease the moral hazard

When must insurable interest exist?

Life insurance

Insurable interest must exist when insurance is purchased

Policy can later be sold to a third party with no insurable interest

Property insurance

Insurable interest must exist at the time of the loss. Without insurable interest, that party (policyowner) would have no loss.

Insurance Contracts

Subrogation– a process by which an insurer takes over the legal rights of recovery its insured has against a responsible third party

Concealment – failure to disclose relevant information (material fact). Primarily in application or claim.

Misrepresentation – knowingly false statement of a material fact made by an insurance applicant

Insurance Contracts

Voidable contract– a contract that can be affirmed or rejected at the option of one of the parties but is binding on the other party. May be the result of concealment, misrepresentation, or fraud

Void contract– a contract that has no legal effect and is, therefore, unenforceable by either party

Fraud

false representation

knowingly made

intent to influence or deceive

material fact

reasonable reliance

detriment (in damages suit)

Elements considered when evaluating allegations of fraud:

Contractual Statements

Warranty

The answers to specific questions on an insurance application made part of the policy are warranties.

A warranty, if false, makes the policy voidable, even

if the false statement is not material.

Representation

A representation is an incidental statement preceding the contract, not part of the contract.

To void a contract, any representation must be both false and material.

Insurance Contract Provisions

Declarations—factual statements that identify the parties to the insurance transaction, the amount of insurance, the property or activity being covered, the effective date of the coverage, etc.

Definitions—precise meanings of terms used in the contract, such as “family member,” “disability,” “covered auto,” etc.

Insuring agreements—the promises made by the insurer, such as to pay, to defend, to reimburse, etc. Open perils versus named-perils

Insurance contract provisions

Exclusions—the perils, properties, types of losses, circumstances, etc., that the insurance does not cover

Conditions—the duties that (usually) the policyowner must fulfill before it can hold the other party to the terms of the contract

Miscellaneous provisions—other clauses that don’t fall into the above categories, such as those concerning policy continuation, loss valuation, optional modes of settlement, etc.

Endorsements or riders—provisions added to the policy to modify or clarify the coverage, perhaps for an additional or reduced premium

Renewability (Continuation) Provisions

Noncancelable

policyowner has the right to renew coverage at each policy anniversary date, usually up to some stated age

coverage may not be terminated by the insurer during the term of coverage

rates for the coverage are guaranteed, but not necessarily level

Renewability Provisions

Guaranteed Renewable

Policyowner retains the right to renew the coverage at each policy anniversary date, usually up to a stated age

Insurer is not allowed to cancel the coverage during the period of protection

The insurer retains the right to raise rates for broad classes of insureds

Renewability Provisions

Optionally Renewable

insurer may refuse to renew the policy on its anniversary or premium-due date

policyowner must receive advance notice of nonrenewal

Cancelable

Insurer may terminate the policy at any time for any reason

Advance notice usually required

Insurer refunds any unearned premium

Leeds Metropolitan Business Essay Assignment

Excellent	The essay demonstrates exemplary comprehension of the relevant content by thoroughly as well as correctly discussing the relevant information; identifying as well as explaining all of the 3 fundamental aspects; using correct terminology; describing the reasoning next to key points/claims; as well as substantiating points with several accurate as well as illuminating examples, as necessary or useful. There are no gaps in the necessary answer.
Good	Scholarly sources that are credible are employed to successfully support statements that are, as the most part, clear as well as fairly expressed. With just a few minor inaccuracies, APA 6th Edition is utilized. There are a few small typos in the references and/or citations. There is some reliance on dubious sources.
Satisfactory	Because of certain improper terminology and/or confusing wording, the work is frequently confused and difficult to understand; thoughts may be disjointed, meandering, and/or repetitious. a lack of structure; and/or grammatical, spelling, and punctuation mistakes.
Poor	The essay demonstrates a lack of understanding of the related documents by failing to address or improperly addressing the relevant; failing to identify or incorrectly trying to explain key concepts/ideas; ignoring as well as incorrectly attempting to explain key points/claims as well as the rationale behind them; and/or inaccurately or improperly using terminology.
No Response	Essay displays great writing abilities, such as a clear as well as thought-provoking thesis, suitable and effective organization, vibrant and persuasive supporting materials, good diction as well as sentence skills, and faultless or almost perfect mechanics, such as spelling and grammar. The essay flawlessly achieves the assignment’s objectives.
Quality of Response	Because of its intelligent growth and mature manner, this study merits attention. It provides a compelling analysis of or reaction to the text, expanding on that response using well-chosen examples and arguments. The sixth paper demonstrates that its author can typically use appropriate words, employ advanced phrases successfully, and adhere to written English rules.
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