Some Forms of Automobile Insurance May Be Written on a Continuous

question 70

Multiple Choice

Some forms of automobile insurance may be written on a continuous basis, with premiums payable at specified intervals, such as every six months.Such policies remain in force:

• A)as long as there is no dispute between the insurer and the insured.
• B)for a three-month or six-month period, but mostly for a year.
• C)as long as premiums are paid.
• D)for the entire life of the insured.
• E)as long as the insured is insurable.

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Definitions:

Commission Recovery

The process by which a salesperson, agent, or broker seeks to reclaim commission fees that were not paid as agreed upon in a transaction.

Dual Agency

A real estate arrangement where one agent represents both the buyer and the seller in a transaction.

Apparent Authority

The ability of an agent to bind a principal where the principal has not notified third parties of the restricted or terminated authority of the agent.

Principal

A person on whose behalf an agent acts.