Pls help ASAP on both 67 of 90 Which one (1) of the following is NOT the subject of aStatutory Condition in a Property policy?Policy termination provisions.Misrepresentation.Method of settling disputes in valuation of losses.Co-insurance provisions. 68 of 90 When an insurer pays a claim to its insured under a contractof insurance and attempts to recover the amount from a thirdparty whom it believes is responsible for the damage, what isthis called?Indemnity.Contribution.Warranty.Subrogation.

Answered: 68 of 90 When an insurer pays a claim…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Pls help ASAP on both

67 of 90 Which one (1) of the following is NOT the subject of a
Statutory Condition in a Property policy?
Policy termination provisions.
Misrepresentation.
Method of settling disputes in valuation of losses.
Co-insurance provisions.

68 of 90 When an insurer pays a claim to its insured under a contract
of insurance and attempts to recover the amount from a third
party whom it believes is responsible for the damage, what is
this called?
Indemnity.
Contribution.
Warranty.
Subrogation.

Expert Solution

Step 1: Defining Statutory Conditions

Statutory conditions in insurance implies a set of standardized terms and conditions that are mandated by law or regulation and are automatically included in insurance contracts. These conditions are typically designed to protect the rights of policyholders and make sure fairness in insurance agreements. The particular statutory conditions can vary from one jurisdiction to another, but they often cover fundamental aspects of insurance contracts.

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