Yesterday's answer: B — A binder is temporary evidence of insurance, typically effective until the policy is issued or the application is declined. It is not permanent and does not by itself guarantee renewal. Today's question: Which of the following is an element required for a valid insurance contract? Vote in the poll below and drop your reasoning in the comments 👇 Answer revealed tomorrow!

Yesterday's answer: B — Estoppel prevents a party from asserting a right it voluntarily waived when another party reasonably relied on the waiver. Waiver is the giving up of the right; estoppel is the legal bar to taking it back. Today's question: A binder is best described as: Vote in the poll below and drop your reasoning in the comments 👇

Yesterday's answer: B — Indemnity restores the insured to the pre-loss financial position. It does not permit profit from a loss, which would violate the principle and encourage intentional losses. Today's question: An insurer voluntarily gives up a known right under a policy and the insured relies on that action. The insurer may later be prevented from enforcing that right by the doctrine of: Vote in the poll below and drop your reasoning in the comments — answer revealed tomorrow!

Yesterday's answer: B — Conditions state the rights, duties, and obligations of both parties, such as notice of loss and proof of loss requirements. Today's question 👇 Under the principle of indemnity, the purpose of insurance is to: Vote in the poll below and drop your reasoning in the comments — no peeking! I'll reveal the answer tomorrow.

Yesterday's answer: C — The declarations page personalizes the policy with the who, what, when, and how much: named insured, dates, premium, and limits. Today's question: A policy provision that sets out the duties of the insured and the insurer after a loss is found in the: Vote in the poll below and drop your reasoning in the comments 👇