Chapter 2 Study Guide Rated A+

if a contract of adhesion contains questionable language, to whom would the interpretation be in favor of? {Ans: Insured}the three types of agent authority include express, implied, and apparent authority {Ans: }When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have {Ans: insurable interest in the proposed insured}Which of these is NOT considered to be an element of an insurance contract? {Ans: negotiation}When must insurable interest be present in order for a life insurance policy to be valid? {Ans: At the time of application}What is the consideration given by an insurer in the Consideration clause of a life policy? {Ans: Promise to pay a death benefit}