In What Circumstances Can an Insurer Cancel an Insurance Policy

question 45

Multiple Choice

In what circumstances can an insurer cancel an insurance policy?

• A)If the insured has breached their duty of good faith.
• B)If the insured has breached a term of the contract.
• C)If the insured has made a fraudulent claim.
• D)All of the above.

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Definitions:

Periodic Inventory Method

An accounting method that calculates the cost of goods sold and ending inventory levels at the end of an accounting period by conducting a physical count.

Payroll Department

The Payroll Department is responsible for managing employee compensation, including calculating wages, withholding taxes, and distributing paychecks.

Last Week's Wages

The total amount of compensation paid to employees for their work in the previous week.

Periodic Inventory Method

An accounting method that records inventory purchases and sales periodically, typically at the end of an accounting period.