Concealment or Fraud Before, During, or After a Loss Generally

question 50

True/False

Concealment or fraud before, during, or after a loss generally allows an insurer to contest property insurance contracts.

---

Definitions:

Efficient

The quality of achieving maximum productivity with minimum wasted effort or expense.

Cycle Inventory

Inventory that is held to manage the normal fluctuation of production or supply and demand, rotating through cycles of replenishment.

Safety Inventory

Extra stock kept in storage to guard against uncertainty in demand or supply, ensuring product availability.

Seasonal Inventory

Inventory that is purchased or produced in anticipation of season-based demand increases, such as holiday merchandise.