Which of the Following Is an Accurate Statement Regarding the Insured's

question 53

Multiple Choice

Which of the following is an accurate statement regarding the insured's duty to disclose?

• A) It applies only at the time of the application for insurance.
• B) It applies to matters material to the risk.
• C) It does not apply to life insurance.
• D) A failure to disclose is a concern only if it is related to the cause of the loss.

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Definitions:

Openness

A personality trait that describes the degree to which an individual is open to experiencing a variety of activities, engaging in imaginative activities, and willing to entertain new ideas.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Economically Developed

Refers to countries or regions with high levels of economic growth, industrial activity, and standard of living.

Hierarchical Social Network

A social network structured in levels of hierarchy where positions or ranks determine interaction patterns and influence distribution among members.