General Insurance PrinciplesQuestion 593 of 716
Estoppel refers to:
a.The policyowner's right to cancel coverage
b.A dividend distribution option that lets the policyowner apply the annual dividends toward reducing the next premium due
c.Being legally prevented from asserting a right or fact that is inconsistent with one's own prior conduct
d.An underwriting risk classification
Explanation
Estoppel bars a party from taking a position that contradicts its earlier conduct on which the other party relied; it often follows a waiver. It is unrelated to cancellation, dividends, or risk classes.
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Related questions on this topic
- A misrepresentation on an application will let the insurer void the contract during the contestable period only if the misrepresentation is:
- Concealment is best defined as:
- A waiver, as the term is used in insurance, is:
- Rebating, which most states prohibit as an unfair trade practice, involves:
- Twisting is a prohibited practice in which a producer:
- Churning differs from twisting in that churning involves:
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PrepPass team · Verified against California Life & Health Insurance License Exam · How we review
Reviewed by John Zihao Zhang — California-Licensed Life Insurance Agent (CA Dept. of Insurance License #4396095 — verify)