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:

Affirmative Defense

A set of circumstances that indicates that a defendant should not be held liable, even if the plaintiff proves all of the facts in a complaint.

Assumption of the Risk

A legal doctrine where an individual knowingly and voluntarily assumes the risk of an activity, thereby reducing the liability of others.

Demurrer

A legal objection that an opponent's point is irrelevant or invalid, while conceding the factual basis of the point.

Special Jurisdiction

The power of a court to hear only certain kinds of cases.