All of the Following Statements About the Cancellation of a Homeowners

question 5

Multiple Choice

All of the following statements about the cancellation of a Homeowners 3 policy are true EXCEPT

• A) The insurer may cancel a new policy for any reason if it has been in force for less than 60 days and is not a renewal policy.
• B) At least 100 days' notice of cancellation must be given if an insurer cancels a policy for nonpayment of premium.
• C) A policy written for longer than 1 year can be cancelled for any reason on the anniversary date by giving the insured at least 30 days' notice of cancellation.
• D) After a policy has been in force for at least 60 days, it can be cancelled by the insurer if the risk has increased substantially since the policy was issued.

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Definitions:

Different Types

Refers to various categories or varieties within a specific domain or context.

Merger

The combination of two or more companies into a single entity, with the goal of achieving synergies and improved competitive position.

Integration

The process of combining or coordinating separate elements or systems into a unified whole.

Organization Cultures

The shared values, beliefs, norms, and practices that shape the behavior and actions of individuals within an organization.