When a Provision of an Endorsement Conflicts with a Provision

question 44

True/False

When a provision of an endorsement conflicts with a provision of a policy,the endorsement controls.

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Definitions:

Physical

Pertaining to objects, materials, or substances that occupy space and have measurable properties, often contrasted with digital or virtual counterparts.

Cost Basis

Cost basis represents the original value or purchase price of an asset for tax purposes, adjusted for factors like depreciation. It is used to calculate capital gains or losses upon disposal of the asset.

Special Acquisition Fees

Costs incurred during the acquisition of a company or significant assets that are not directly related to the purchase price.

Overhaul

A thorough examination and necessary repair or updates to machinery, systems, or processes to ensure efficient operation.