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Author Question: Which of the following statements about consideration in an insurance contract is (are) true? I. ... (Read 19 times)

mspears3

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on: Jul 11, 2018
Which of the following statements about consideration in an insurance contract is (are) true?
 
  I. The insured's total consideration is submission of a completed application.
  II. The insurer's consideration is the promise to do those things specified in the policy.
  A) I only
  B) II only
  C) both I and II
  D) neither I nor II

Question 2

David owns a liquor store in a high-crime area. In order to obtain a reduced insurance premium, David promised to have a burglar alarm operating at the store when the store was closed.
 
  This agreement, which was incorporated into the insurance contract, is an example of a
  A) representation.
  B) binder.
  C) rider.
  D) warranty.


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vickybb89

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Reply #1 on: Jul 11, 2018
Answer to Question 1

Answer: B

Answer to Question 2

Answer: D


mspears3

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Reply 2 on: Jul 11, 2018
Great answer, keep it coming :)

dyrone

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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