Question

Discuss about the legal concepts of insurance contract.

Answer 1

This is fine for creating a DataArray -- but when I try to convert to a dataset (so I can write to netCDF), I get an error about 'ValueError: Coordinate objects must be 1-dimensional'

2) The second approach I've tried is taking my dataarray, casting it to a dataframe, setting the index to ['lat','lng', 'time'] and then going back to a dataset with xr.Dataset.from_dataframe(). I've tried this -- but it takes 20+ min before I kill the process.

Answer 2

A contract is an agreement enforceable by law. It is the means by which one or more parties bind themselves to certain promises. With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. In exchange, the policyowner pays premiums. The voluntary act of terminating an insurance contract is called cancellation. For a contract to be legally valid and binding, it must contain certain elements - offer and acceptance, consideration, legal purpose, and competent parties. Let’s consider each. Offer and Acceptance

To be legally enforceable, a contract must be made with a definite, unqualified proposal (offer) by one party and the acceptance of its exact terms by the other. In many cases, the offer of an insurance contract is made by the applicant when the application is submitted with the initial premium. The insurance company accepts the offer when it issues the policy as applied for. When an offer is answered by a counteroffer, the first offer is void.

Consideration

For a contract to be enforceable, the promise or promises it contains must be supported by consideration. Consideration can be defined as the value given in exchange for the promises sought. In an insurance contract, consideration is given by the applicant in exchange for the insurer’s promise to pay benefits. It also consists of the application and the initial premium. This is why the offer and acceptance of an insurance contract are not complete until the insurer receives the application and the first premium. The Consideration clause also contains information such as the schedule and amount of premium payments.

Legal Purpose

To be legal, a contract must have a legal purpose. This means that the object of the contract and the reason the parties enter into the agreement must be legal. A contract in which one party agrees to commit murder for money would be unenforceable in court because the object or purpose of the contract is not legal. Insurance contracts are always considered to possess a legal purpose.

Competent Parties

To be enforceable, a contract must be entered into by competent parties. With a contract of insurance, the parties to the contract are the applicant and the insurer. The insurer is considered competent if it has been licensed or authorized by the state(s) in which it conducts business. The applicant, unless proven otherwise, is presumed to be competent with three possible exceptions:
► Minors
► The mentally infirm
► Those under the influence of alcohol or narcotics Each state has its own laws governing the legality of minors and the mentally infirm entering into contracts of insurance. These laws are based on the principle that some parties are not capable of understanding the contract they agree to.