Question
What is NOT an element of an insurance contract?
Solution
Explanation: The essential elements of an insurance contract are: 路聽聽聽聽聽聽聽聽 Offer and acceptance 路聽聽聽聽聽聽聽聽 Consideration (premium) 路聽聽聽聽聽聽聽聽 Legal purpose 路聽聽聽聽聽聽聽聽 Insurable interest 路聽聽聽聽聽聽聽聽 Utmost good faith
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The costs that have already been incurred and cannot be recovered are called ____
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