To Avoid Risk While Waiting for an Insurance Policy to Be

question 40

True/False

To avoid risk while waiting for an insurance policy to be formally accepted,an insured may choose to have the insurer issue a 'lapse policy' to provide interim coverage.

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Definitions:

Deceptive Practices

Actions or practices that mislead consumers or businesses, often involving false promises or misrepresentation of products or services.

Cease-and-Desist Order

A legal order issued by a court or governmental agency demanding that a party stop a specified activity or breach of regulation.

Rights of Appeal

Legal entitlements allowing a party to request a formal change to an official decision through a higher court.

Federal Trade Commission

A U.S. federal agency tasked with protecting consumer rights and eliminating anticompetitive business practices.