Policy Structure & ProvisionsCâu 461 / 474
An applicant deliberately hides a history of arson losses. Under the concealment, misrepresentation and fraud condition, the insurer may:
a.Deny only the losses caused by arson
b.Cut the payment by the hidden amount
c.Raise the premium at the next renewal
d.Void the coverage for that insured
Giải thích
The condition lets the insurer treat coverage as void where an insured intentionally conceals or misrepresents a material fact, engages in fraudulent conduct or makes false statements, whether that happens in the application or after a loss. Materiality is the test: a fact that would have changed the underwriting decision. Repricing at renewal is an underwriting response, not the remedy this condition provides.
Luyện miễn phí toàn bộ 474 câu hỏi — không cần đăng ký.
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Câu hỏi liên quan cùng chủ đề
- A producer with binding authority binds coverage by phone at 9 a.m.; the house burns at noon, before the insurer ever sees the application. The loss is:
- Under the liberalization clause, when an insurer broadens its form without charging more, an existing insured:
- The entire contract provision means the agreement between insurer and insured consists of:
- Immediately after a kitchen fire, the duties after loss condition requires the insured to:
- A proof of loss filed with the insurer is best described as:
- The insured and the insurer agree the fire loss is covered but cannot agree on its dollar amount. Under the appraisal condition:
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