The Existence of an Insurable Interest Is a Primary Concern

question 2

True/False

The existence of an insurable interest is a primary concern when determining liability under an insurance policy.

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Definitions:

Contract Terms

The specific provisions and conditions outlined in a contract that determine the rights and duties of the parties involved.

Statue Of Limitations

Legal time limits within which actions must be filed in court; beyond this period, claims are no longer enforceable. Note: The correct term is "Statute of Limitations."

UCC

The Uniform Commercial Code is an extensive collection of legislation that regulates business dealings across the United States.

Express Warranty

An explicit guarantee made by a seller about the condition and quality of a product, forming part of the contract between buyer and seller.