Which of the following statements is CORRECT?
A) If an insuring company revises its bylaws or practices, any life insurance contract issued before the change must be modified to reflect the company's new policies.
B) If a premium deposit is not paid with the application, the policy will still be valid if the applicant is acceptable to the insurer's underwriters.
C) After a policy is delivered to and accepted by the policyowner, it cannot be changed in any way, except in accordance with terms stated in the contract.
D) Misrepresentations made in an application are always considered grounds for voiding an insurance contract."
Ans: C) After a policy is delivered to and accepted by the policyowner, it cannot be changed in any way, except in accordance with terms stated in the contract.
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When governments intervene in foreign trade, they often claim they are protecting _____ from unfair foreign competition.
Fill in the blank(s) with the appropriate word(s).
An insurance company that is owned by the policyholders is called a:
A. Stock insurer B. Reciprocal insurer C. Mutual insurer D. Fraternal insurer