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Ins. Transaction

The Insurance Transaction

QuestionAnswer
Which of the following is TRUE about the insurance binders? They are legal evidence that coverage is in force.
Under most state statutes, an oral contract is sufficient for which of the following? Making changes to coverages that are already in effect; Binding the company until a policy is issued
Which of the following is true regarding oral binders? Coverage will become effective when the proposed insured accepts the obligation to pay the premium
Under the doctrine of warranties, an insured must tell the the insurance company the absolute literal truth
A material fact is defined as one which is important enough to affect the insurance company's decision whether to issue the policy or not
An applicant who makes an untrue statement on an application for a Homeowner's Policy would be guilty of Misrepresentation
In Property and Casualty insurance, an interim insuring agreement between an insurance company and a new insured is called a(an) binder
A binder may expire on all of the following dates EXCEPT the: date prior to the receipt of the notice of cancellation of the binder
The Fair Credit Reporting Act states all of the following EXCEPT that all information obtained on an application must be collected during a personal interview
You own a building valued at $100,000. You have it insured for $85,000 and an annual premium of $1,000 for the policy. If you were to cancel the policy halfway through the policy year, you should receive a refund of something less than $500
Created by: BGeisert