MTHEL131 Chapter Notes - Chapter 9: Special Agent, Caveat Emptor, Insurable Interest
17 Dec 2016
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Document Summary
Policy provision needs to include some or all of the following: Mthel textbook notes: the entire contract clause the incontestable clause the grace period, reinstatement, non-forfeiture provision, policy loans, annual dividends, misstatement of age, settlement options, deferment of loans and cash-value payments, renewal provisions. Minors people below the age of majority the minor can void the contract anytime, and the insurer must provide all premiums paid. Intoxicated person person who can"t understand the nature of the transaction because of intoxicating liquor and drugs lacks legal capacity, so the contract is voidable. Mental incompetents contracts made by an insane person are voidable and treated the same as contracts with minors if the person is declared legally insane and a guardian is appointed, then the contract is voided. Enemy aliens contract with enemy aliens during a war is invalid and any contracts already in effect will be suspended.
