Let Determine Whether Each of the Following Statements Is Always

question 23

Essay

Let . Determine whether each of the following statements is always true, never true, or sometimes true.
A)
B)
C)
D)

---

Definitions:

Utmost Good Faith

A principle of insurance contracts that requires all parties to act honestly and not mislead or withhold critical information from one another.

Insurable Interest

An interest that would result in a loss on the occurrence of the event.

Insurance Policy

A contract between an insurer and policyholder specifying the claims the insurer is legally required to pay.

Co-insurance Clause

A provision in an insurance policy stating that the insurer and the insured will share losses covered by the policy in a specified ratio.