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:

Portfolio

A collection of investments held by an individual or institution, including stocks, bonds, real estate, and more, often diversified to reduce risk.

Stocks

Financial instruments representing ownership interests in corporations, providing holders with a claim on part of the corporation's assets and earnings.

Mean

The arithmetic average of a set of numbers, calculated by adding them all up and dividing by the count of the numbers.

Variance

The average of the squared differences from the Mean, providing a measure of how spread out a data set is.