Regarding Insurance Contracts,utmost Good Faith Is Important Because

question 89

Multiple Choice

Regarding insurance contracts,utmost good faith is important because

• A)insurance records follow the policy holder for life.
• B)the insurance company is in a position of superior knowledge.
• C)the insured must calculate her or his risks.
• D)third parties may be involved-especially with liability policies.
• E)without it,there is fraudulent omission.

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Definitions:

Judicial Action

A formal decision or order by a court or a legal process carried out by the judiciary.

Creditors

Individuals or entities to whom money is owed by a debtor.

Judicially Dissolve

A legal process in which a court orders the termination of an entity, such as a corporation, due to specific circumstances.

Unsatisfied Judgment

A legal judgment that has not been fully paid or settled by the debtor.