This Type of Insurance Policy Has Many Different Exclusions and Only

question 54

Multiple Choice

This type of insurance policy has many different exclusions and only focuses on a very narrow area of coverage.

• A)Defined policy.
• B)Requisite policy.
• C)State policy.
• D)Limited policy.

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Definitions:

Stipulated Time

A specific period designated in an agreement or contract by which a certain action must be completed or fulfilled.

Market Value

Market value is the estimated price at which an asset or service would trade in a competitive auction setting.

Employment Contract

A formal agreement between an employee and employer outlining job duties, compensation, and terms of employment.

Option Contract

A contract which grants the holder the right, but not the obligation, to buy or sell an asset at a set price on or before a certain date.