The Words Used in an Insurance Contract Are Interpreted Against

question 1

True/False

The words used in an insurance contract are interpreted against the party who applied for the policy.

---

Definitions:

Merchandise

Goods available for sale in a retail or wholesale environment.

Journalize

The act of recording transactions in an accounting journal in chronological order.

Interest Expense

The cost incurred by an entity for borrowed funds, represented as an expense on the income statement.

Discount Rate

The discount rate employed to calculate the current value of future cash flows in a discounted cash flow assessment.