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Insurance coverage is actually a legal contract;
a) Enforceability.
Insurance coverage is a contract that is put in action to bind. The insured agree to pay the premium as the insurer agree to compensate in times of risk occurrence.
b) Acceptance.
Both the insured and the insurer agree to contract and give in into the contractual activity.
c) Consideration.
There is money to be paid in the contract. Premium is paid either annually or monthly as well compensation is paid in case of a risk occurring.
d) The capacity to contract.
Involving the ability or capability of both the parties to contract of reach agreement. The insured must be over the age of 18 years in order to apply for insurance cover by providing the ID card.
e) The legal object.
The contract is confined within the legal framework and obeying the law. Insurance cannot be established on illegal properties.
vindori answered the question on April 2, 2018 at 18:48
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