d) 33. Insurance policies this phease? are contracts of adhesicn. Which of the f
ID: 358896 • Letter: D
Question
d) 33. Insurance policies this phease? are contracts of adhesicn. Which of the following statements fall responsibiity of the information provided by the insureds d a Insurers take f formation of the costract b. In case of a dispute, the court will read the contract as an insured would, and j decisions based on what the insured would understand after reading the contr e lasureds have no input in the densign of a policy's terms d. The insurer cannot void a contract, on the grounds of misrepresentation, after even if it was a major fraad e Band c 34. The replacement cost at te of los8, less physical depreciation including obsolescence, is characterized as which of the Sollowing a) actual cash valu b) fair market value e) replacement cost 35. In serms of life insurance, when must insurable interest exist? a) after time of loss b) at the time of contract incepticn c) at the time of loss d) before the time of loss 36. In s terms of property and casuality insurance, when must insurable interest exist? a) after time of lo b) at the time of contract inceptioe c) at the time of loss d) before the time of lossExplanation / Answer
34. A. Actual cash value.
Actual cash value is calculated by reducing depreciation from replacement cost.
35. B. At the time of contract inception.
For life insurance contracts, insurable interest should be present at the time contract is purchased.
36. C. At the time of loss.
In respect of property and casualty insurance it is usually held that insurable interest must be existent at the time of loss.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.