A(n)______ Clause in an Insurance Policy Provides That If the Parties

question 93

Multiple Choice

A(n) ______ clause in an insurance policy provides that if the parties cannot agree on the amount of a loss covered under the policy or the value of the property lost, an estimate by an impartial and qualified third party can be demanded.

• A) appraisal
• B) incontestability
• C) subrogation
• D) indemnity

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Definitions:

Collected

Refers to the process of gathering or accumulating items, information, or funds.

Electronic Funds Transfers

The transfer of money between accounts by electronic means rather than the use of cash or paper documents.

Float Time

The period between when a check is deposited into a bank account and the time the funds are available for use.

Substitute Check

A digital reproduction of an original paper check that is legally considered the same as the original for processing payments.