How To Get Your Insurance License: Contract Elements - Aleatory, Adhesion, Unilateral, & Conditional

Are you studying for your insurance license. This video explains the concepts of Aleatory, Adhesion, Unilateral, Conditional, Personal Contract, Utmost Good Faith, Reasonable Expectations, Warranty and Representation, and Concealment. These concepts apply to Life and Health as well as Property and Casualty insurance licensing. Understanding these concepts could help you pass your state insurance licensing test so you can sell insurance. This will help you get your license!

00:00 Contract Elements Part 2 Intro
01:01 What is Aleatory?
02:23 What is Adhesion?
04:30 What is Unilateral?
05:32 What is a Personal Contract?
06:36 What is Conditional?
07:42 What are Utmost Good Faith and Reasonable Expectations?
08:02 What is Value VS Indemnity?
09:17 What are Warranty and Representation?
10:00 What is Concealment?
10:46 Practice Questions
12:57 Wrap Up and Thank You

Contract Elements Part 1