An insured's obligation to notify the insurer of a loss is stated in the policy's:OA.ProvisionsConditionsDeclarationsInsuring AgreementsO B.O C.O D.Recor

Insurance policy is referred to as an agreement or contract that exists between two parties, that is…

Answered: An insured's obligation to notify the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Similar questions

Which of the following policy provisions specifies that, it an insured tals to pay a renewal premium within the time granted but the insurer subsequently occ may be restored? OA Grace Period OB. OC O. D. Reinatatement Time of Payment of Chirns Entire Contract
Under the UCC, a firm offer only applies to Group of answer choices merchants. merchants and nonmerchants. nonmerchants. option contracts.
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22
55. Risk management is free True false
52 if the insured consults during the first policy year the insurer will a. Pay the face amount but not double b. Pay 10% of the policy face value c. Return all premiums and not pay the claim d. Return all premiums less company expenses
The difference between fraud and errors is: a. the timing of the transaction b. the materiality of the value involved. c. intent of those involved. d. whether it affects owners’ equity or not.
Scaffold Equipment manufactures and sells scaffolds and ladders that are used by construction firms. The products are sold directly to independent retailers in the United States. The company's risk manager knows that the company could be sued if a scaffold or ladder is defective, and someone is injured. Because the cost of products liability insurance has increased, the risk manager is considering other techniques to treat the company's loss exposures.a. Describe the steps in the risk management process.b. For each of the following risk management techniques, describe a specific action using that technique that may be helpful in dealing with the company's products liability exposure.1. Avoidance2. Loss prevention3. Loss reduction4. Noninsurance transfers
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The contractual element of agreement requires __________. a.) an offer with definite terms, but not an acceptance b.) an offer and acceptance in written form c.) mutual assent between persons d.) a verbally communicated offer and acceptance

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An insured's obligation to notify the insurer of a loss is stated in the policy's: O A. Provisions O B. Conditions Declarations O D. Insuring Agreements