Which of the Following Is a Term Used to Describe

question 11

Multiple Choice

Which of the following is a term used to describe the duty of an agent to communicate any information to the principal that the agent thinks could be important to the principal?

• A)Constructive information
• B)Duty of information
• C)Requirement of conveyance
• D)Duty of notification
• E)Constructive notification

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Definitions:

Coinsurance Clause

A provision in insurance policies that requires the policyholder to bear a portion of the costs of a claim, serving to share risk between the insurer and insured.

Life Policy

A contract with an insurance company that pays a designated beneficiary a sum of money upon the death of the insured person.

Premiums Payable

Liabilities on an insurance company's balance sheet, representing amounts due to policyholders.

Coinsurance Clause

a provision in insurance policies that requires the policyholder to bear a portion of the costs of covered services, typically a percentage of the total amount.