Insurance Study Guide
The broad theft coverage endorsement on the dwelling form specifies all of the following limitations EXCEPT A) $1,000 on silverware B) $200 on money C) $1,500 on securities D) $1,500 on jewelry
$1,000 on silverware
What is the maximum amount an insurer will pay under the equipment dealers pollution cleanup and removal extension of an inland marine policy? A) $15,000 all expenses incurred during a 12-month period B) $20,000 all expenses incurred during a 12-month period C) $55,000 for all expenses incurred during a 12-month period D) $10,000 for all expenses incurred during a 12-month period
$10,000 for all expenses incurred during a 12-month period
Tom's Truck Service's vehicle is stolen, the policyholder may obtain coverage for transportation expenses subject to which of the following limits? A) $15 per day; $450 maximum B) $25 per day; $450 maximum C) $20 per day; $600 maximum D) $15 per day; $300 maximum
$20 per day; $600 maximum
A $100,000 house insured on a policy with an 80% coinsurance requirement has a fire that caused $40,000 of damage; the owner has a policy with $60,000 coverageHow much can the owner collect for his loss? A) $20,000 B) $30,000 C) $40,000 D) $60,000
$30,000
An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? A) $0 B) $30,000 C) $32,000 D) $40,000
$30,000
A commercial property special form covers property in transit up to A) $500 B) Full replacement cost C) $5,000 D) ACV
$5,000
A premium discount is the term that describes when an insured owes a total standard premium greater than A) $10,000 B) $15,000 C) $1,000 D) $5,000
$5,000
Jack and Jill each own a 50% interest in a dwelling that is insured under a standard fire policy issued to Jill to cover her interest in the structure. The amount of insurance is $40,000. Following a $10,000 fire loss to the structure, Jill will receive A) $10,000 B) $5,000 C) $2,500 D) Nothing.
$5,000
If a policy is cancelled due to nonpayment of premium, how many days' advance notice must the insurer give the policyholder before cancellation? A) 7 days B) 30 days C) 15 days D) 10 days
10 days
The appraisal clause of the standard fire policy allows for the process of settling disputes over the ACV of the property or the amount of loss. When disputes arise, each party (insurer and the insured) must select an impartial appraisal within A) 10 days. B) 20 days. C) 30 days. D) 45 days.
20 days
A written notice of non-renewal of a personal auto policy must delivered or mailed to the insured within how many days of such non-renewal? A) 15 days B) 20 days C) 30 days D) 10 days
30 days
An insured owns a building that is valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy, how much should he insure the property for? A) $32,000 B) 80% of the property's replacement cost or more C) 100% of the market value D) $400,000
80% of the property's replacement cost or more
Which of the following is a casualty loss? A) A fire that was caused by the insured's negligence burns a neighboring building. The owner of the building sues the insured. B) As a result of a fire. the insured's business is closed while rebuilding takes place. The insured loses three months of income. C) A fire damages the insured's building. While firefighters managed to save part of the inventory from the fire, some of it was damaged by the chemicals used to extinguish the flames. D) A fire destroys the insured's building.
A fire that was caused by the insured's negligence burns a neighboring building. The owner of the building sues the insured.
The owner of a small business applies for a fire insurance policy with limits equal to 100% of the property's value. The owner has huge unsold inventories and a large personal gambling debt. From an underwriting standpoint, this might indicate A) A peril B) A speculative risk C) A pure risk D) A moral hazard
A moral hazard
Business Auto Coverage applies only to those autos which are identified as "covered autos" in the declarations of the policy. Covered autos are identified by A) Vehicle's use B) Manufacturer's name C) Vehicles identification number D) A symbol
A symbol
Deductible is the part of a covered loss for which an insured is financially responsible. Which of the following would not be responsible for the payment of a deductible? A) The policyholder whose property was damaged by an act of God B) A first party claimant (policyholder) whose insured property was mortgaged C) A third party claimant whose property was damaged by the policyholder D) None of the above
A third party claimant whose property was damaged by the policyholder
The property condition that precludes the insured from simply turning over damaged property to the insurer and claiming a total loss is called A) Abandonment B) Assignment C) Appraisal D) Arbitration
Abandonment
In an auto policy, the medical payments coverage is similar to A) Accident insurance, because it pays medical expenses regardless of fault. B) Bodily injury coverage, because it provides legal protection it the insured causes injuries to others. C) Bodily injury coverage, because it pays the insured's doctor bills. D) Accident insurance, because it has the same limits.
Accident insurance, because it pays medical expenses regardless of fault.
When a mortgagee is named in a mortgagee clause attached to a fire or other direct damage policy A) The loss reimbursement will be paid to the mortgagee as their interest may appear. B) The mortgagee's rights of recovery will not be defeated by any act or neglect of the insured. C) The mortgagee may bring a suit in their own name to recover damages to covered property. D) All of the above are true.
All of the above are true.
Which would NOT be covered by the inside the premises - robbery or safe burglary of other property coverage? A) A store clerk is forced into the storage room and locked in while the intruder steals high-value merchandise. B) An employee is caught stealing cash from the register. C) Two men break a window during an attempted robbery. D) Someone breaks in after business hours, pries open a wall vault and steals several valuable paintings.
An employee is caught stealing cash from the register.
Which of the following would most like to be accepted for coverage under the FAIR Plan? A) An insured who can't find an insurer to cover his/her property because of its location B) An applicant whose property value exceeds $1 million C) An applicant whose residence and business are located within the same structure D) An insured whose previous insurer was declared bankrupt
An insured who can't find an insurer to cover his/her property because of its location
An ocean marine adventure is A) Any voyage B) A measure of indemnity C) A pleasure cruise D) Loss or damage
Any voyage
If an insurer makes a change to broaden coverage in a dwelling policy while it is in effect, the changes will apply A) Within 60 days B) Automatically C) When the new policy is written D) When the policy is up for renewal
Automatically
In return for premium, an insurance company must A) Give the insurer valuable consideration. B) Be fair in underwriting and pay covered losses. C) Provide the insured with coverage adequate for all potential losses. D) Use standardized tables of coverage for specific risks to be excluded from coverage.
Be fair in underwriting and pay covered losses.
The ABC Corporation has $100,000 of coverage on its building through insurance Company A, and $50,000 of identical coverage on the same building through insurance Company B. Assuming coinsurance is not an issue, when a $24,000 loss occurs and the pro rata method is used, how much will each insurer pay? A) Company A will pay $24,000; Company B will pay $0 B) Company A will pay $16,000; Company B will pay $8,000 C) Company A will pay $20,000; Company B will pay $4,000 D) Company A will pay $12,000; Company B will pay $12,000
Company A will pay $16,000; Company B will pay $8,000
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT A) Conditions B) Consideration C) Legal purpose D) Offer and acceptance
Conditions
An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss is this? A) Consequential B) Direct C) Special D) Additional
Consequential
An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? A) Adhesion B) Consideration C) Good faith D) Representation
Consideration
According to the "Duties in Event of Occurrence, Claim or Suit" condition, in the event of a loss, the insured's duties include which of the following? A) Notifying the insurer of an occurrence whenever you have the time B) Staying out of the way during the investigation of a claim C) Prompt notice or a claim by phone D) Cooperating and assisting in the investigation of a claim
Cooperating and assisting in the investigation of a claim
In dwelling policies, automatic increase in insurance is A) Automatic coverage B) Coverage without additional premium C) Coverage for newly acquired property D) Coverage by endorsement
Coverage by endorsement
The part of a policy that clarifies terms in the policy is the A) Definitions B) Insuring agreement. C) Conditions. D) Exclusions.
Definitions
The actual or perceived difference in value between what a car is worth after repair and what it was worth before a crash is called A) Diminution in Value. B) Depreciation. C) Loss of market. D) Deductible.
Diminution in Value.
A beauty parlor burns to the ground. What type of loss is this to the owner? A) Consecutive B) Direct C) Consequential D) Specific
Direct
The overall duty of an adjuster is to A) Delay the final settlement of a claim B) Dispose of claims C) Attempt to deny a claim to reduce the expense of the insurer D) Attempt to obtain payment for the insured where coverage is not provided by the policy
Dispose of claims
States with monopolistic state workers compensation funds A) Require all employers in their state to purchase workers compensation insurance regardless of their financial capacity. B) Sell workers compensation insurance through private insurers that are in the state and receive a kickback for all policies sold on an annual basis. C) Do not allow private insurers to be licensed to write workers compensation coverage D) Provide workers compensation insurance through managed risk plans
Do not allow private insurers to be licensed to write workers compensation coverage
The "pair and set" clause found in property insurance policies states that in the event of a loss to only part of a pair or set, losses will be settled A) Either by repairing or replacing the damaged part or by paying the difference between the actual cash value before and after the loss. B) Based on the actual cash value of the individual part. C) As it the entire pair or set had been destroyed. D) At the proportionate amount of the stated value.
Either by repairing or replacing the damaged part or by paying the difference between the actual cash value before and after the loss.
According to the appraisal condition of a homeowners policy, what procedure may be followed if the insurer and insured do not agree as to the size of a loss? A) The parties must pursue a lawsuit. B) The policyholder is allowed to hire an appraiser, and the insurer will pay the amount determined. C) Either party may make a written request for an appraisal. D) The insured is required to accept what the insurer is willing to pay.
Either party may make a written request for an appraisal.
Which coverage applies to losses caused by larceny, embezzlement, misappropriation, wrongful abstraction and other acts of theft by an employee? A) Inside the Premises - Theft of Money and Securities B) Inside the Premises - Robbery or Safe Burglary of Other Property C) Employee Theft D) Forgery or Alteration
Employee Theft
Which of the following is NOT a P&I exclusion? A) Commercial towing of other vessels B) Detention of vessel C) Excess coverage D) Damage to hull and machinery
Excess coverage
The voluntary compensation endorsement provides statutory coverage for which types or employees? A) Farmworkers B) Factory workers C) Police officers D) Teachers
Farmworkers
The requirement that managers and/or trustees of employee benefit plans that come under the Employee Retirement Income Act must be covered by a fiduciary bond. Because this requirement is mandated by the U.S. Government, the bond would be classified as a A) Judicial bond B) Contract bond C) Federal bond D) State bond
Federal bond
Which of the following claims would be included under the dwelling policy? A) Death to the insured's pet caused by smoke inhalation B) Fire damage to the insured's rowboat stored in the attached garage C) Fire damage to a garage located on the insured premises used as an auto repair shop D) Theft of the insured's auto from the detached garage
Fire damage to the insured's rowboat stored in the attached garage
Which of the following is an example of an agent's fiduciary responsibilities? A) Helping clients to file claims B) Performing a review of clients coverage C) Offering additional coverage to a client D) Forwarding premiums to the insurer
Forwarding premiums to the insurer
An owner of a parking lot wants liability coverage for damage to vehicles while in her custody. She needs A) Motor carrier coverage. B) Business auto coverage. C) Garage liability coverage. D) Garagekeepers coverage.
Garagekeepers coverage
What type of compensatory damages will pay for pain and suffering and disfigurement? A) Special (Specific) B) Tort C) Normal D) General
General
Following a covered loss, which of the following policies "pay-on-behalf" of the insured as opposed to payment to the insured? A) General Liability Insurance B) Automobile Physical Damage C) Dwelling Policy D) Inland Marine Insurance
General Liability Insurance
Which of the following homeowners forms is designed to provide named peril coverage for personal property to individuals who rent an apartment? A) HO-6 B) HO-2 C) HO-3 D) HO-4
HO-4
Which of the following homeowners forms is designed for individuals that own and reside in a condominium? A) HO-3 B) HO-4 C) HO-6 D) HO-2
HO-6
Concerning insurance, the definition of a fiduciary responsibility is A) Being liable for negligence with respect to clients' applications. B) Maintaining an agent's personal funds. C) Handling insurer funds in a trust capacity. D) Handling assets or money belonging to others.
Handling insurer funds in a trust capacity.
When would a misrepresentation on the insurance application be considered fraud? A) Never: Statements by the applicant are only representations. B) When the application is incomplete C) Any misrepresentation is considered fraud. D) If it is intentional and material
If it is intentional and material
An insurer publishes intimidating brochures that portray the insurer's competition as financial and professional unstable. Which of the following best describes this act? A) Illegal until endorsed by the Guaranty Association B) Legal, provided that the other insurers are paid royalties for the usage of their names C) Illegal under any circumstances D) Legal, provided that the information can be verified
Illegal under any circumstances
The valued policy statute applies in which of the following events? A) In the event of a total loss by fire to an apartment building containing at least 10 apartments B) In the event of a total loss by fire to a one or two family residential building or structure C) In the event of a total loss by tornado to an apartment building containing at least 10 apartments D) In the event of a total loss by tornado to a one or two family residential building or structure
In the event of a total loss by fire to a one or two family residential building or structure
An additional loss that results from a direct loss of property is called a/an A) Punitive loss B) Indirect loss C) Proximate loss D) Liability loss
Indirect loss
When is liability coverage included in a homeowners policy? A) If the insured has forms HO-2 or HO-3 B) If the insured has form HO-4 C) If there is an endorsement D) It is included automatically
It is included automatically
For a loss to be covered by a term policy A) It may have happened up to 12:01 am of the end of a 30 day grace period if the policyholder elects to renew and pay the past due premium. B) It must have occurred during the policy period. C) It must have occurred no later than noon on the date following the expiration date. D) It must have occurred no later than noon on the expiration date
It must have occurred during the policy period.
Dwelling coverage includes all of the following EXCEPT A) The dwelling used principally for residential purposes. B) MaterIals on the described location used to alter or repair the dwelling. C) Building and outdoor equipment used to service the described location. D) Land on which the dwelling is located
Land on which the dwelling is located
According to the Nationwide Marine definitions, risks that may be the subject of inland marine insurance include all of the following EXCEPT A) Property while stored at a warehouse. B) Shipments made by freight train C) Cargo transported by truck D) Large pleasure boats
Large pleasure boats
Which of the following coverages in dwelling and homeowners policies is for indirect losses? A) Structures B) Contents C) Loss of use D) Dwelling
Loss of use
A written document prepared by the adjuster that notifies an insurer of the occurrence of an event that may give rise to a claim is called a A) Waiver b) Subrogation C) Binder D) Loss report
Loss report
An insured stated on her application for life insurance that she had never had a heart attack, when in fact she had a series of minor heart attacks last year for which she sought medical attention. Which of the following will explain the reason a death benefit claim is denied? A) Material misrepresentation B) Waiver C) Utmost Good Faith D) Estoppel
Material misrepresentation
Which of the following statements concerning the Builders Risk Coverage Form is correct? A) May be written to cover the interest of the builder only, and cannot include coverage for the owner B) May not be written for perils other than fire and extended coverage C) May be written on a reporting form for the completed value of the structure D) Usually continues in effect for one year after completion of the structure
May be written on a reporting form for the completed value of the structure
What Personal Auto Coverage would pay for the insured's injuries sustained when struck by a hit-and-run driver while crossing a busy street? A) Medical payments B) Comprehensive (other than collision) C) Collision D) Liability coverage
Medical payments
Which of the following statements concerning a personal auto policy is true? A) Coverage for temporary substitute vehicles will not be handled as excess. B) Uninsured motorist's coverage applies only to the named insured and family members. C) Medical payments coverage applies per person, per accident. D) Coverage applies while the insured is on a vacation to Mexico.
Medical payments coverage applies per person, per accident.
The livestock coverage form covers losses resulting in the death or necessary destruction of livestock on what basis? A) All peril B) Named peril C) Open peril D) Blanket
Named peril
Which of the following does the term proximate cause refer to? A) Duty or the defendant to act B) Reason for filing a lawsuit C) Negligence that leads to an injury D) Injury that leads to monetary compensation
Negligence that leads to an injury
Pins & Alley, which is owned and operated by Bob Balls, has a commercial general liability policy. Spencer, an employee, was injured while demonstrating the latest, marble bowling ball. Spencer inadvertently dropped the ball on his own foot causing several bone fractures. Will the commercial general liability policy owned by Pins & Alley cover this loss? A) No, because injuries to employees are excluded. B) Yes, because the bowling alley is legally liable for injuries caused by its products. C) Yes, because the injury resulted from an "occurrence" during the policy and was not intended. D) No, because the injury resulting from negligent acts are excluded.
No, because injuries to employees are excluded.
Which of the following losses is covered under an ocean marine policy? A) War B) Inherent vice C) Decay D) None of the above
None of the above
Losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected is the definition of which of the following terms? A) Occurrence b) Peril C) Hazard d) Accident
Occurrence
What type of insurance policy insures against all risks of loss that are not specifically excluded by the policy? A) Binder policy B) Named peril policy C) Open peril policy D) Specified peril policy
Open peril policy
All of the following are options of the insurer in the loss settlement of a standard fire policy EXCEPT A) Pay replacement cost value B) Take possession of the damaged property C) Rebuild the property with material of like kind and quality D) Repair or replace the property
Pay replacement cost value
Who provides and sells coverage under a state FAIR plan? A) A federal insurance company designed specifically to provide such coverage B) A combination of private and federal insurance companies C) Private insurance companies operating in that state D) Private insurance companies operating in other states
Private insurance companies operating in that state
Who would participate in a Write Your Own (WYO) flood insurance? A) Lloyd's associations B) Government insurance companies that write and service National Flood Insurance policies C) Businesses requiring National Flood Insurance policies D) Private insurers that wish to write and service National Flood Insurance policies on a no risk-bearing basis
Private insurers that wish to write and service National Flood Insurance policies on a no risk-bearing basis
The other insurance provision that limits the liability of the insurer to a portion of the loss no greater than the amount the insurer bears to all the insurance covering the property is called A) Proportionate B) Excess C) Pro rata liability D) Contributing
Pro rata liability
In the BOP, Business Income Coverage is A) Provided by endorsement B) Specifically excluded in the policy C) Not provided in the policy D) Provided automatically in the policy
Provided automatically in the policy
All of the following are considered parts of the policy structure EXCEPT A) Provisions B) Exclusions C) Insuring clause D) Conditions
Provisions
What type of damages may be awarded by the court to create disincentives that discourage behavior that is deemed highly undesirable by society? A) Compensatory B) Specific C) Punitive D) General
Punitive
A couple was walking to their car after seeing a movie. As they walked to the car, a man wearing a ski mask approached them, pulled out a gun, and demanded they turn over their cash. They turned over their property, and the man ran off. Which of the following best describes the crime committed against the couple? A) Burglary B) Larceny C) Theft D) Robbery
Robbery
The definition of "theft" encompasses both A) Breaking and entering and committing a felony B) Robbery and burglary C) Stealing and violence D) Mysterious disappearance and robbery
Robbery and burglary
In a Personal Umbrella, the amount paid by the insured for certain losses not covered under the primary coverage is called A) Stop-loss B) Co-insurance C) Participation requirement D) Self-insured retention
Self-insured retention
Payment for medical expenses, loss of wages, funeral expenses, or the cost to repair or replace damaged property are known as what type of compensatory damages? A) General B) Special C) Tort D) Normal
Special
The legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss is known as A) Adverse selection B) Right of rescission C) Principle of indemnity D) Subrogation
Subrogation
The transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses? A) Subrogation B) Arbitration C) Salvage D) Appraisal
Subrogation
Which of the following perils is covered by the HO-2 and HO-3? A) Flood B) War C) Sudden and accidental rupture of a heating system D) Loss due to power interruption that occurs off the premises
Sudden and accidental rupture of a heating system
When a policy cancelled or a reason other than nonpayment or premium, or if the policy is a non-renewed the insurer must notify the insured of his/her possible eligibility for insurance through A) Another insurer B) The Georgia Insurance Guaranty Association C) The Georgia Automobile Insurance Plan D) None or the above
The Georgia Automobile Insurance Plan
Under a dwelling policy, which of the following is NOT a factor in determining a loss? A) The amount negotiated by the insured B) The policy limit C) The amount reflecting the insured's interest in the property at the time of loss D) The amount necessary to repair or replace the property
The amount negotiated by the insured
A loss report will identify to the insurer all of the following information, EXCEPT A) The cause of the occurrence. B) The amount of damage. C) The time of the occurrence. D) The nature of the occurrence.
The amount of damage
Which of the following is NOT the consideration in a policy? A) The premium amount paid at the time of application B) The promise to pay covered losses C) The application given to a prospective insured D) Something or value exchanged between parties
The application given to a prospective insured
Which of the following statements is true regarding the commercial general liability policy's Coverage C - Medical Payments? A) The coverage is considered good will because payments are made without regard to fault. B) The coverage applies to bodily injury to the named Insured. C) The coverage is liability insurance because it pays only if the insured is legally liable. D) The coverage provides high limits of insurance for bodily injury losses.
The coverage is considered good will because payments are made without regard to fault.
Which clause provides coverage for the cargo while being transported to or from a vessel in another craft, raft, or lighter? A) The voyage clause B) The transportation clause C) The transit clause D) The craft clause
The craft clause
Under the provisions of the business income coverage form, all of the following are true, EXCEPT A) The insured agrees to resume all or part of operations as quickly as possible. B) The insured is reimbursed for payroll that continues after the loss begins. C) The insured is reimbursed for the loss from the date of loss to date of restoration or policy expiration date, whichever comes first. D) If the insured and insurer are unable to come to agreement as to the value of the loss, either party may make a written demand for an appraisal.
The insured is reimbursed for the loss from the date of loss to date of restoration or policy expiration date, whichever comes first.
With respect to commercial auto policies, the Garage Coverage Form provides liability protection for all of the following EXCEPT A) The insured's business income losses due to personal injury. B) The insured's business premises. C) The insured's business autos. D) The insured's business products and work performed.
The insured's business income losses due to personal injury.
Under the liability section of the Personal Auto Policy, all of the following are considered persons insured, EXCEPT A) The insured's neighbor who temporarily borrows the insured's car. B) A co-worker who borrowed the insured's car to run an errand for the insured's employer. C) The insured's employer, if the insured used the employer's vehicle to run an errand for his employer. D) The daughter of the insured while driving her boyfriend's car.
The insured's employer, if the insured used the employer's vehicle to run an errand for his employer.
Which of the following is INCORRECT in regard to the conditions found in a workers compensation policy? A) The first named insured will act on behalf of all insureds under the policy. B) The insurer may inspect the workplace after giving the insured 5 days' notice. C) If the policy period is longer than 1 year and 16 days, all policy provisions will apply as though a new policy was issued on each annual anniversary date. D) The insured's right and duties may not be transferred to anyone else without the insurer's written consent.
The insurer may inspect the workplace after giving the insured 5 days' notice.
Which of the following would NOT be considered an "insured" under a business auto coverage form? A) Employee in the business of selling, servicing, or parking autos B) A partner of the named insured for any covered auto owned by that person or a member of his/her household C) Anyone while using a covered auto with the named insured's permission D) The owner from whom the name insured hires or borrows a covered auto
The owner from whom the name insured hires or borrows a covered auto
Which of the following is true regarding single dwellings that are insured to at least 80% of the replacement value? A) They are excluded from the flood insurance policy. B) They are subject to a $1,000 deductible. C) They are automatically provided with replacement cost coverage. D) They qualify for maximum compensation under the flood insurance program.
They are automatically provided with replacement cost coverage.
The other insurances clause of an ocean marine policy allows coverage for which reasons? A) To obtain coverage for war, strikes, and related risks not covered by the policy B) To replace an existing policy C) To add endorsements D) To expand existing coverages such as earthquake, fire, and hail
To obtain coverage for war, strikes, and related risks not covered by the policy
What type of coverage protects the insured in an accident caused by a driver with insufficient coverage? A) Uninsured motorist B) Driver's calamity coverage C) Motor vehicle catastrophe coverage D) Underinsured motorist
Underinsured motorist
How much coverage can be available for watercraft damage in the homeowners policy? A) No more than $1,000 B) Homeowners policies do not cover watercraft C) Up to $1,500 D) Unlimited amount
Up to $1,500
Both the broad theft and limited theft endorsements on the dwelling program exclude all of the following types of property EXCEPT A) Aircraft B) Watercraft C) Credit cards D) Motor vehicles licensed for the road
Watercraft
In forming an insurance contract, when does acceptance usually occur? A) When an insurer's underwriter approves coverage B) When an insurer delivers the policy C) When an insurer receives an application D) When an insured submits an application
When an insurer's underwriter approves coverage