Which of the Following Statements Is TRUE with Respect to Insurance

Multiple Choice

Which of the following statements is TRUE with respect to insurance?

A) First party insurance and third party insurance may both apply to the same set of events.
B) The phrase "third party insurance" refers to the fact that an insurance company used an agent to sell a policy to a customer.
C) The phrase "first party insurance" refers to the fact that the insured party must immediately contact the insurance company after being sued for a type of loss that the insurance policy covers.
D) Liability insurance imposes a duty of utmost good faith on the insured party,but property insurance does not.
E) The phrase "self-insure" refers to the fact that a company has purchased an insurance company that covers all of its employees,rather than requiring those employees to individually insure themselves.