A Property Damage or Public Liability Policy

question 42

Multiple Choice

A property damage or public liability policy

• A) can be cancelled at any time by the insured.
• B) cannot be cancelled by the insured.
• C) can be cancelled at any time by the insurer.
• D) can be cancelled only after 30 day's notice by either party.

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Definitions:

Lost Check

A check that has been misplaced, destroyed, or otherwise lost, potentially leading to the issuance of a stop payment order and requiring a replacement.

Drawer

In banking and finance, the person who writes or issues a check or draft instructing the bank to pay a specified amount of money to a designated party.

Drawee

The party in a financial transaction who is directed to pay a certain sum of money as per the payer's instructions.

Stop Payment Order

A request made to a financial institution to cancel the payment or processing of a check or payment transaction before it has been completed.