Which of the following statements is true of insurance?
A) It has to be paid after the risk has been encountered.
B) It can be obtained even if one has no insurable interest in the property being insured.
C) It is a means of transferring and distributing the risk of loss.
D) It cannot be modified once issued.
C
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Which of the following contracts is not required to be in writing under the Statute of Frauds?
A) A contract to pay someone else's debt if they fail to B) A contract for the sale of goods of $500 or more C) A contract to be performed in less than one year D) An agent's contract to sell real property E) A contract involving the sale of land
The exception to the Statute of Frauds which allows an oral contract for the transfer of land to be
enforced, if the buyer has either paid for the land or taken possession of the land, is called the ________ exception. A) Promissory estoppel B) Part performance C) Equal dignity D) Parol evidence