If the Insured's Circumstances Change During the Term of an Insurance

question 15

Multiple Choice

If the insured's circumstances change during the term of an insurance contract:

• A)They have no obligation to notify the insurer unless the risk under the insurance contract is dramatically changed.
• B)They must tell the insurer if the change minimises the insurance risk.
• C)They must tell the insurer if the change increases the insurance risk.
• D)They must tell the insurer on request even if the change is unlikely to affect the risk.

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Definitions:

Current Ratio

It's a measure of a corporation's capability to meet its immediate financial obligations using its current assets.

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term liquidity of the company.

Financial Ratios

Quantitative measures derived from a company's financial statements used to evaluate its financial performance and health.

Financial Stability

The condition of having a strong financial foundation, characterized by the ability to withstand economic fluctuations and meet obligations without undue stress.