Which of the Following Statements About Offer and Acceptance for Insurance

question 20

Multiple Choice

Which of the following statements about offer and acceptance for insurance contracts is true?

• A)In property and liability insurance,agents typically do not have the authority to bind coverage.
• B)In life insurance,the agent can usually accept an offer by immediately binding coverage.
• C)In property insurance,the offer and acceptance are usually in writing but may be oral.
• D)In life insurance,completing the application and paying the first premium constitute acceptance of the offer from the insurer.

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Definitions:

Germ Cells

The reproductive cells in an organism that give rise to gametes (sperm and eggs).

Ovulation

The phase in the menstrual cycle when a mature egg is released from the ovary, making it available for fertilization.

Ovary

One of the pair of female reproductive organs that produce eggs and secrete hormones, including estrogen and progesterone.

Reproductive Life

Refers to the period in a person's life when they are able to conceive or father children.