Commmon Contracts

Common Contracts Paper

Common Contracts Paper

In my personal and professional life I deal with contracts. My professional position is in insurance sales and services. In the insurance profession we issue a binder of insurance contract that has specified terms and conditions that must be met for the fulfillment of the contract. There are regulatory laws that mandate termination of the contract under specific conditions for the seller and for any reason of the buyer and so long as notice is provided the contract is terminated when requested by the purchaser. The contract may only be terminated by the seller if in cases of non payment 60 days from the date of non payment, with intent to notify. For cancellation of a contract for any other reasons notification of the reason and way to mitigate the reason that poses undue risk not disclosed previously. Breech of contract comes from when the buyer has falsely submitted application information that changes the level of risk to the seller. Many times I have seen a buyer falsely site the composition and condition of homes in order to get a better deal on price or falsely state that they do not use tobacco in case for life insurance. These people had there contracts denied and future contracts could no longer be entered into. The state mandate determines that there are laws protecting the seller and the buyer in insurance and if any part of the contract was falsified by either party the contract is void. Due to the statue of fraud all contracts or binders must be signed by the buyer and in writing this will help determine that the buyer is the person of record. Also in accordance with state law we must verify identity of the buyer. These statues of fraud also prevent changes to the contract by any person not a named insured on the policy which will only be preformed with verification credentials and notarized in certain changes. Personally I also enter into credit contracts quite...