Exam 47: Insurance

Mia applies for an insurance policy with National Insurance Company through a broker. Mia pays the initial premium, but the broker fails to procure the policy. Mia is

Quinn applies to Real Insurance Company for property insurance. Real issues a policy but later discovers that the application includes misstatements. The misstatements can void the policy if the insurer can show that

Raj obtains an insurance policy from Secure Insurance Inc. The policy provides that on Raj's death the insurer will pay $500,000 to Raj's spouse. This is

Greta applies for a homeowners' policy with Home Insurance Company through Ivy, an insurance agent. As a general rule, Home is bound by

Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss. The parties cannot agree on the amount of the loss. Under an appraisal clause,

Rena is the chief executive officer for Sales Inc., a successful market research firm. The company obtains insurance on Rena's life from Tempo Insurance Company. This is

Insurance contracts are usually obtained through an agent, who works as an independent contractor.

Courts interpret insurance policies as containing any provisions mandated by statute.

An insurance company can raise as a defense against payment on a policy any of the defenses that would be valid in an ordinary action on a contract.

Commerce Insurance Corporation promises to compensate Data Company on the death of Elko, a key Data executive. This contract is

Sid obtains a life insurance policy with no cash surrender value and names his daughter Teri as the beneficiary. This is

Quia obtains a fire insurance policy on her house from Residential Insurance Company. Later, after she moves out and the house is empty, a fire destroys the structure. Most fire insurance policies require that at the time of a loss, the insured premises be

If a statute requires that any limitations on coverage be stated in an insurance contract, an insurer can avoid liability by relying on an unexpressed restriction.

Actuarial Insurance Inc. collects and analyzes data to estimate the frequency and costs of the claims of its insured. A prediction concerning potential loss based on known and unknown factors is

Life insurance requires that an insurable interest in the continued life of the insured exist when a policy is obtained.

Because an insurance agent is an agent of an applicant for insurance, not the insurance company, the agent owes fiduciary duties to the applicant.

Anya obtains a liability insurance policy for her Bubble Tea Bistro from Choice Insurance LLC. In their dealings, the parties must

A life insurance contract determines only the extent of the insurer's liability on the death of the insured.

Insurance is a contract in which the insurer promises to reimburse the insured or a beneficiary in the event of a loss.

An insured with multiple insurance policies covering a loss can collect only each insurer's proportionate share of the liability relative to the total amount of insurance.