Which of the following statements about offer and acceptance for insurance contracts is true?
A) In property and liability insurance, agents typically do not have the authority to bind coverage.
B) In life insurance, the agent can usually accept an offer by immediately binding coverage.
C) In property insurance, the offer and acceptance are usually in writing but may be oral.
D) In life insurance, completing the application and paying the first premium constitute acceptance of the offer from the insurer.
Question 2
Chris applied for life insurance and paid the first premium on Monday.
She was given an insurability premium receipt which specified that coverage was effective on the date of the application or the date of the medical exam, whichever is later. She took the medical exam the following Thursday. She was found to be in perfect health. On which day was her coverage effective?
A) on Monday, when she completed the application and paid the first premium
B) on Wednesday, two days after completing the application and paying the first premium
C) on Thursday when she passed the medical exam
D) on Saturday, two days after passing the medical exam
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