At What Point in Time Must an Insured Meet the Coinsurance

question 37

Multiple Choice

At what point in time must an insured meet the coinsurance requirement in a property insurance policy in order to avoid having to pay a portion of the loss?

• A)only at the time of loss
• B)only at the time when the policy is issued
• C)only at the time of policy application
• D)both at the time when the policy is issued and at the time of loss

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Definitions:

Investment Banks

Financial institutions that provide a variety of services, including underwriting, acting as intermediaries between securities issuers and investors, and offering financial advisory services.

Best Efforts Basis

An agreement where an underwriter promises to make a best effort to sell as much of an offering as possible, but does not guarantee the sale of all securities offered.

Fixed Commission

A specified, unchanging fee charged for services, especially in financial transactions like stock trading.

Regulatory Bodies

These are government agencies or independent institutions that supervise and regulate specific industries or economic activities to ensure compliance with laws and standards.