One of three tenants in your insured's rented triplex, sets fire to his apartment, is charged with arson and jailed. Next day thetenant's wife bails out her husband who allegedly set the fire and they return to live in the damaged apartment. The insurancecompany wishes to retire from this risk as soon as possible. What procedure must the insurer follow to legally cancel the policy?OA) Insurer can cancel in five days by written notice of termination personally delivered and any return premium paid toinsured.OB) Insurer cannot cancel the policy mid-term and must remain on risk until the renewal date.OC) Cancellation can only be made fifteen (15) days following receipt of cancellation notice by registered mail.OD) Policy must remain in force but any additional damage done by the tenant will not be covered. Your insured lives in an apartment but takes a temporary position in another city and must store some major furniture items ina storage warehouse until he/she returns. In the interim the unfurnished apartment is sublet to a friend. Subsequently, thewarehouse is broken into and some of your insured's furniture is stolen. What would a Tenants Comprehensive policy pay?OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10%limitation on property temporarily removed.OB) Nothing. The loss is not covered.OC) The actual cash value or replacement cost of all the personal property stolen, less the policy deductible, subject to thepolicy limit.OD) That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his/herpersonal property.

The correct answer is:OB) insurer cannot cancel the policy mid-term and must remain at risk until…

Answered: Your insured lives in an apartment but…

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