Card Set Information
AIC 33 Chapter 5
In insurance, consideration given to the insured's interests that is at least equal to that given to the insurer's interest in handling a claim.
Breach of contract
The failure, without leagal cause, to fulfill a contractual promise.
The party (person or entity) against whom relief or recover is sought in a lawsuit.
The person or entity who files a lawsuit and is named as a party.
The amounts payable under the contract according to the terms of the contract.
A payment awarded by a court to indemnify an injured party for losses that result indirectly from a wrong such as a breach of contract or a tort.
Statute of limitations
A statute that imposes time limits on when a cause of action can be brought, starting from the time the cause of action accrues.