At What Point in Time Must an Insured Meet the Coinsurance

question 37

Multiple Choice

At what point in time must an insured meet the coinsurance requirement in a property insurance policy in order to avoid having to pay a portion of the loss?

• A)only at the time of loss
• B)only at the time when the policy is issued
• C)only at the time of policy application
• D)both at the time when the policy is issued and at the time of loss

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Definitions:

Income Quintile

A statistical value of a data set that represents 20% of a population divided based on income levels, used to analyze economic disparity.

Property Income

Income earned from the ownership of assets, such as rents from property, dividends from shares, or interest from financial investments.

Earned Income Tax Credit

A refundable tax credit for low- to moderate-income working individuals and families, designed to encourage and reward work.

Poverty Rate

The proportion of the population that earns an income too low to cover basic living expenses, as measured by the national poverty line.