What Does It Mean When Reformation Occurs

question 18

Multiple Choice

What does it mean when reformation occurs?

• A)An insurer and a policy holder renegotiate the terms of an insurance contract because the risk of providing insurance to the policyholder has changed.
• B)A court changes a written insurance policy when there was a mutual mistake or fraud on the part of the insurer so it conforms to the parties' supposed actual agreement
• C)An insurance policy holder changes the beneficiary on an insurance policy and the insurer revises the policy contract.
• D)An insurance contract is voluntarily reformed or modified by an insurer because of a unilateral mistake on the part of the insured.

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Definitions:

Momentous Changes

Significant, major changes that have a profound impact on a particular situation, society, or the world at large.

Fundamentalism

is the strict adherence to specific doctrines of a religion or ideology, often characterized by a literal interpretation of texts and a resistance to modern interpretations or practices.

Homogeneity

The quality or state of being all the same or all of the same kind, often used to describe societies, materials, or groups with uniform characteristics.

Local Languages

Refers to languages that are native to a specific region or community, often contrasted with more widely spoken national or global languages.