Section 4.4 Elements

• Library: Insurance Practice 2015

The elements of a contract of insurance include the:

subject matter, risk, or contingency insured against; amount of coverage; duration of the risk; and amount of premiums to be paid for the protection afforded by the insurance contract.

Burckhardt v. Gen. Am. Life Ins. Co., 534 S.W.2d 57, 64–65 (Mo. App. E.D. 1975). The issuing of an insurance policy different from that applied for constitutes a counteroffer, which the insured may accept or reject and, if the insured retains the policy for a reasonable...