Good Faith Requires the Party Who Is Applying for Insurance

question 57

True/False

Good faith requires the party who is applying for insurance to reveal everything necessary for the insurer to evaluate the risk of issuing a policy.

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Definitions:

Article 2(A)

A provision found in the Uniform Commercial Code that governs leases of personal property in the United States.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws that governs all commercial transactions in the United States.

Lessor

An individual or entity that leases property to another party, known as the lessee.

Article 2(A)

A section of the Uniform Commercial Code that deals with leases of personal property.