An Insurer Will Issue an Umbrella Policy Only If a Stipulated

question 36

True/False

An insurer will issue an umbrella policy only if a stipulated minimum amount of basic coverage on other insurance policies has been purchased by the insured.

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Definitions:

Rejection

The refusal to accept an offer or proposal, in the context of contracts, it is the refusal to agree to the terms.

Valid

A term applied to a contract that includes all four elements of a contract: agreement (offer and acceptance), consideration, contractual capacity, and legal object.

Time Condition

A stipulation in a contract or agreement that specifies a period or deadline by which certain actions must be performed.

Primary Sources

Original documents or evidence directly related to a topic, used in research or historical context.