Which of the Following Statements About the Duty of Disclosure

question 33

Multiple Choice

Which of the following statements about the duty of disclosure is NOT correct?

• A)The duty applies at the time of the contract and at renewal.
• B)An insurer must inform the insured in writing of their duty of disclosure.
• C)The insured must disclose everything they know,suspect or believe to be relevant.
• D)The duty applies to all co-insureds.

Explain the main reasons for a trade deficit.

Understand the effects of a tariff on the price and quantity of imported goods.

Recognize deviations from free trade policies and their implications.

Comprehend the strategies used by countries to protect domestic industries and promote technology transfer.

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Definitions:

Convertible Bond

A type of bond that can be converted into a predetermined amount of the company's equity at certain times during its life, usually at the discretion of the bondholder.

Serial Bond

A serial bond is a type of bond that matures in installments over a period rather than in a single lump-sum at the end of its term.

Fiscal Year

An accounting period of 12 months used by organizations for financial reporting and budgeting, distinct from the calendar year.

Premium Amortization

The process of gradually reducing the premium paid over the par value of a bond or other financial instrument over its life.