All of the Following Statements About Conditions Under a Homeowners

question 24

Multiple Choice

All of the following statements about conditions under a Homeowners 3 policy are true EXCEPT

• A)If an insurer broadens coverage without an additional premium during the policy period,the broadened coverage applies immediately to the present policy.
• B)A waiver or change in any policy provision must be approved in writing by the insurer to be valid.
• C)The insurer must give written consent for an assignment of the policy to be valid.
• D)If the named insured dies,coverage automatically ceases with respect to any property of the deceased.

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Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the cost of producing each additional unit decreases with the increase in total output.

Raise Capital

The process of acquiring funds for business purposes, which can be achieved through various means such as issuing stocks or obtaining loans.

Model Business Corporation Act

A set of model laws prepared by the Committee on Corporate Laws of the American Bar Association to provide a standard for state corporation statutes.

American Bar Association

A large voluntary association of attorneys and law students in the United States which aims to improve the legal profession, set academic standards for law schools, and formulate ethical codes for the legal profession.