17 Which one (1) of the following statements is true about certain insurers?OA) A joint stock company is owned by its policyholders.OB) A farm mutual insurance company is owned exclusively by farmers.OC) Mutual insurance companies are NOT required to be licenced by the Department of Insurance.OD) Lloyd's of London is NOT an insurance company, but is a market where individual underwriters gather totransact insurance. In a Condominium Unit Owners Comprehensive Policy, which one (1) dethe following statements best describes thepurpose of "Loss Assessment" coverage?OA) To pay any assessment made against the insured because of a deductible in the Condominium Corporation'sinsurance on the common elements of the building.OB) To pay up to 10% of the limit covering the Unit, any assessment made against the insured because of ashortfall in the Condominium Corporation's insurance on the common elements of the building.OC) To pay up to a stated amount, less any deductible, any assessment valid under the CondominiumCorporation's governing rules, made against the insured, which arises from a direct loss to the commonelements of the property by a peril insured under the policy.OD) To pay up to a given amount, less any deductible, any assessment under the Condominium Corporation'sby-law not declared in the policy, made against the insured, which arises from a direct loss to the commonelements of the property by an insured peril.

Insurers come in a variety of forms, including joint stock companies, mutual insurance companies,…

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