What is the purpose of the "Sue and Labour Clause" in an insurance policy? OA) It requires the insurer to sue others who may be responsible for loss or damage to the insured property. O B) It requires the insurer to do some of the repair work to restore the property. OC) It requires the insured to take all reasonable steps in and about the recovery of the property in return for agreement that the insurer will contribute to the cost of doing so. OD) It permits the insurer to sue the insured for failure to maintain the property in good condition.
What is the purpose of the "Sue and Labour Clause" in an insurance policy? OA) It requires the insurer to sue others who may be responsible for loss or damage to the insured property. O B) It requires the insurer to do some of the repair work to restore the property. OC) It requires the insured to take all reasonable steps in and about the recovery of the property in return for agreement that the insurer will contribute to the cost of doing so. OD) It permits the insurer to sue the insured for failure to maintain the property in good condition.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:What is the purpose of the "Sue and Labour Clause" in an insurance policy?
OA) It requires the insurer to sue others who may be responsible for loss or damage to the insured property.
OB) It requires the insurer to do some of the repair work to restore the property.
OC) It requires the insured to take all reasonable steps in and about the recovery of the property in return for agreement that
the insurer will contribute to the cost of doing so.
OD) It permits the insurer to sue the insured for failure to maintain the property in good condition.
Transcribed Image Text:Your insured holds a property insurance policy and dies. Shortly afterwards, a fire damages the insured premises. Which one (1)
of the following statements is true?
OA) The insurer does not have to pay because there is no insured to make a claim.
OB) The insurer is liable for loss occurring after change of title by succession.
OC) The policy is void upon the death of the insured.
OD) The insurer will not pay because the policy has not been transferred to his/her beneficiary.
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