Any False Statement on an Application Allows the Insurer to Cancel

question 30

True/False

Any false statement on an application allows the insurer to cancel the policy.

---

Definitions:

Posting Errors

Mistakes made during the recording of financial transactions to the general ledger or subsidiary ledgers.

Chart Of Accounts

A chart of accounts is a structured list of an organization's general ledger accounts, organizing financial transactions into categorized accounts for reporting and analysis purposes.

Accounts Receivable

The amount customers need to pay enterprises for products or services they have received but not settled financially.

Common Stock

Common stock represents ownership interests in a corporation, giving shareholders voting rights and a share in the company’s profits through dividends.