Peg Obtains from QT Insurance Company a Policy That Provides

question 41

Multiple Choice

Peg obtains from QT Insurance Company a policy that provides that af?ter it has been in force for a certain time,QT cannot question state?ments made in the application.This is

• A)an antilapse clause.
• B)an arbitration clause.
• C)an appraisal clause.
• D)an incontestability clause.

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Definitions:

Accounts Receivable

Funds that a business has yet to receive from its customers for the products or services it has already provided.

Direct Method

An approach to allocate service department costs directly to producing departments without reciprocal services considered.

Sales Revenue

The total amount of money generated from the sale of goods or services by a company before any expenses are subtracted.

Accounts Receivable

Amounts owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.