Property Insurance Does Not Take Effect Until After the Application

question 31

True/False

Property insurance does not take effect until after the application has been accepted by the insurance company even if payment has been made to an agent.

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Definitions:

Signatories

Parties that have signed a document, often a contract or agreement, indicating their acceptance of its terms.

Wills

A legal document by which a person expresses their wishes as to how their property is to be distributed at death and names one or more persons to manage the estate until its final distribution.

Express

Clearly and unmistakably communicated, directly stated, or specified.

Settlor

An individual or entity that creates a trust by legally transferring assets to a trustee for the benefit of beneficiaries.