Which of the Following Is True of Insurance Contracts

question 48

Multiple Choice

Which of the following is true of insurance contracts?

• A)Some statutes require them to be in writing.
• B)Contracts for property insurance are usually within the statute of frauds.
• C)Once formed,insurance contracts cannot be amended or reformed.
• D)Insurance contracts are governed by federal laws.

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Definitions:

Debts

Amounts of money owed by one party to another, typically as a result of borrowing funds or purchasing goods and services on credit.

Corporate Dissolution

The process of legally terminating the existence of a corporation, involving the cessation of business operations, liquidation of assets, and distribution of the residual to creditors and shareholders.

Shareholder Petition

A formal request or action taken by one or more shareholders of a company, often to address grievances or propose changes in company policy or management.

Shareholder Approval

The process of obtaining consent from shareholders, typically through voting, for corporate actions such as mergers, acquisitions, or selling significant assets.