Two or More Firms Pooling Their Resources for Common Goals

question 123

True/False

Two or more firms pooling their resources for common goals have established a joint venture.

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Definitions:

Claim

A demand for something as due, particularly money, property, or legal relief, often the subject of legal action.

Insurer Duty

The obligations that an insurance company has toward its policyholders, including the duty to act in good faith and to pay valid claims.

Incontestability Clause

A clause in a policy for life or health insurance stating that after the policy has been in force for a specified length of time (usually two or three years), the insurer cannot contest statements made in the policyholder’s application.

Insurance Policy

A contract between an insurer and a policyholder that outlines the terms and conditions under which the insurer agrees to compensate for specific losses.