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C110 Chapter 1

Across
Intentional relinquishment of a known right with consent or implied consent
Element of a binding contract that states both parties will be bound by the terms of the contract.
Statement of the insured that a fact is true when the policy is purchased
Element of contract essentials which requires all parties be legally able to enter into the contract.
Party who takes custody of property but does not own the property. Example: Dry cleaner or jewellery repair facility
Formal written document to interpret law in Quebec
Party who lends money in exchange for interest in land as security against the loan
Common law statute describing how all parties involved in committing a wrongful act are all responsible for payment, regardless of amount of fault. Injured party can recover from any one party, who must then recover from the other wrong-doers.
Form upon which an insured states or makes their claim. Must include documents to prove the loss under the policy and document the amount claimed
Aka MONEY - must be given in exchange for the act or promise of another party to be considered a legally binding contract
Forms basis for deciding court cases in common law provinces
Industry regulation recognizing privacy rights of individuals
Meeting of the minds. first step required in forming a legally binding contract
Special relationship existing between two parties whom have entered into a contract.
Awarded by the courts to punish those who act in bad faith and to publicly condemn the behaviour
Down
Insured's requirement after a loss to prevent further damages or to reduce the amount of the loss
False description of the property to the prejudice of the insurer, which is grounds to void the policy
Additional element of insurance contracts. Limits recovery to placing the insured in the same financial position they were in prior to the loss
Used to set aside funds for a large number of claims where there are reliable statistics available. example: Windshield claims
Another element of insurance contracts requiring a financial relationship between the insured and the item/thing being insured, where the loss of or destruction of the item would result in a financial loss to the party insuring the item
Promise made by an insured that a fact is presently true and will continue to be true through the policy period.
Right of recovery of the insurer upon payment of the claim to the customer against a responsible party
Common law doctrine that prevents a party from taking a certain course of action and then sometime later revoking it after someone has relied on that information to his or her detriment
Federal agency responsible for overseeing financial institutions