Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The part of the policy which may request an insured to submit as a proof of loss is called the
A.application
B.arbitration
C.conditions
D.insuring agreement
Expert Solution
Step 1
In Insured policy, Conditions are provisions inserted in the policy that qualify or place limitations on the insurer’s promise to pay or perform. If the policy conditions are not met, the insurer can deny the claim. Common conditions in a policy will include the requirement to file a proof of loss with the company, to protect property after a loss, and to cooperate during the company’s investigation.
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