Edy Obtains a Property Insurance Policy with First Source Insurance

question 12

Multiple Choice

Edy obtains a property insurance policy with First Source Insurance Company for Edy's fishing trawler.First Source can cancel the policy

• A)if Edy appears as a witness in a case against First Source.
• B)if Edy fails to pay the premiums.
• C)if Edy makes changes that add to the trawler's value.
• D)under no circumstances.

---

Definitions:

Promissory Note

A finance-related written assurance where one party obligates to pay the other a clearly defined monetary amount, either when required or at a particular future time.

Discounted

Refers to the process of determining the present value of a future amount of money or stream of cash flows given a specific rate.

TD Canada Trust

One of Canada's prominent banking and financial services providers, known for offering a wide range of personal and business banking solutions.

GICs

Guaranteed Investment Certificates are financial products in Canada offering an assured interest rate over an agreed-upon term.