The Insurable Doctrine of Utmost Good Faith Means That the Insurer

question 24

Multiple Choice

The insurable doctrine of utmost good faith means that the insurer and the insured must:

• A)disclose all material facts.
• B)make a truthful representation about material facts.
• C)sign a witnessed affidavit that they will be absolutely honest with each other.
• D)comply with (follow)all of the above.
• E)comply with A and B only.

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Definitions:

Electric Staplers

Electronic devices designed to fasten sheets of paper together by driving a metal staple through them automatically.

General and Administrative Expense Budget

A plan that estimates the overhead and administrative costs for a company over a specific period.

Manufacturing Budget

An estimated financial plan that outlines the projected costs associated with production, including direct materials, labor, and overhead.

Sales Budget

A detailed forecast of a company's sales revenue, considering factors like historical sales data, market trends, and sales goals.