When a Party with the Power to Terminate an Insurance

question 54

Multiple Choice

When a party with the power to terminate an insurance policy exercises that power, a _____ has occurred.

• A) lapse
• B) cancellation
• C) reformation
• D) rescission

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Definitions:

Independently

Acting or functioning without dependence on others; autonomously.

Observing

The act of carefully watching and examining phenomena, environments, or behaviors to gather information.

Onlooker Play

A stage of child play where the child observes others playing but does not join in, often seen as a critical stage in social development.

Observing

The act of carefully watching and noting phenomena as they occur in order to gather information or come to a conclusion.