Which of the Following Statements Is TRUE with Respect to Insurance

question 33

Multiple Choice

Which of the following statements is TRUE with respect to insurance?

• A) The phrase "self- insure" refers to the fact that a company has purchased an insurance company that covers all of its employees, rather than requiring those employees to individually insure themselves.
• B) First party insurance and third party insurance may both apply to the same set of events.
• C) Liability insurance imposes a duty of utmost good faith on the insured party, but property insurance does not.
• D) The phrase "third party insurance" refers to the fact that an insurance company used an agent to sell a policy to a customer.
• E) The phrase "first party insurance" refers to the fact that the insured party must immediately contact the insurance company after being sued for a type of loss that the insurance policy covers.

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Definitions:

Hemophilia

A genetic disorder that affects the blood's ability to clot, leading to excessive bleeding from slight injuries.

Anemia

A medical condition in which the blood lacks enough healthy red blood cells to carry adequate oxygen to the body’s tissues, causing fatigue and weakness.

Leukemia

A type of cancer affecting the blood and bone marrow, characterized by the overproduction of abnormal white blood cells.

Stem Cell Therapy

A treatment approach that introduces new cells into damaged tissue in order to treat disease or injury.