A covered loss has damaged the property belonging to the owner. Property belonging to a customer is also damaged. The customer brings suit against the insured for this damage. The insurer may do which of the following?
a. Pay the defense costs incurred in the suit against the insured
b. Negotiate the settlement of the property of others directly with the owners of that property
c. Negotiate the settlement of the property of others directly with the owners of that property and pay the defense costs incurred in the suit against the insured
d. Only pay the expense cost and not negotiate a settlement
Ans: c. Negotiate the settlement of the property of others directly with the owners of that property and pay the defense costs incurred in the suit against the insured
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Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds
A) will no longer provide insurance protection B) will go to Mike's estate C) will be divided by probate D) will not be paid until the last brother dies
An LP formulation typically requires finding the maximum value of an objective while simultaneously maximizing usage of the resource constraints
Indicate whether the statement is true or false