Insurance policies often contain a covenant of good faith and fair dealing. Even if the clause is not in the policy, often courts will imply it. Explain the covenant of good faith and fair dealing and provide an example illustrating when an insurance company might breach this covenant
This covenant requires the insurance company to act in good faith in investigating, representing, and paying legitimate claims on behalf of its client, the insured. If a court determines that the covenant is intentionally breached, the court may order punitive damages in addition to compensatory damages. Examples include refusing to pay a valid claim or "low balling" with an unreasonably low offer to settle. An insurer might also breach this covenant by wrongfully refusing to settle a claim of a third party. If the rejection of a reasonable offer to settle means that the insured ends up paying much more than the limits of the policy, the insurer may have some liability for a breach of good faith and fair dealing. Fraudulently inducing someone to buy a policy is another example of breach of the covenant of good faith and fair dealing.
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A) Interstitials B) Pay-per click ads C) Podcasts D) Wallpaper ads E) Floating ads
Peter Dementas helped Jack Tallas with numerous personal and business chores towards the end of his life. Two months before his death, Tallas dictated a memorandum to Dementas, in Greek, stating: PETER K. DEMENTAS is my best friend I have in this country, ... he treats me like a father and I think of him as my own son. ...For all the services Peter has given me all these years, I owe to him the
amount of $50,000 (Fifty Thousand Dollars). I will shortly change my will to include him as my heir. Tallas signed the memorandum, but he did not in fact alter his will to include Dementas. This was a real case. The Utah appeals court would rule: a. there was no consideration to support Tallas's promise. b. there is a "moral obligation" exception to the requirement of consideration, and therefore Tallas's promise was supported by consideration. c. because Utah does not recognize the "moral obligation" exception to the requirement of consideration, Dementas prevails. d. the trial court's finding that the services rendered by Dementas to Tallas were performed gratuitously was erroneous.
____________________ is communication that guides other people towards the adoption of an idea or action.
Fill in the blank(s) with the appropriate word(s).
What type of revenues are reported using mark-to-market accounting?
a. Oil sales b. Consulting services c. Energy sales contracts d. Energy services