The parties to an insurance contract must act in utmost good faith, which means that both the agent and the applicant
A) work together to find insurance for the lowest possible price
B) make no attempt to deceive each other
C) always arrive on time for meetings
D) agree to transact insurance business"
Ans: B) make no attempt to deceive each other
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Which of the following is a true statement about Integrative Social Contracts Theory?
A. By imposing "hypernorm" limits on the otherwise general acceptance of ethical norms in other cultures, ISCT embraces neither ethical relativism nor ethical imperialism. B. There is a specific and comprehensive set of hypernorms, the violation of which, according to the originators of ISCT, would make a decision unethical. C. Three hypernorms that the authors of ISCT have identified are: respect for human dignity, respect for basic rights, and unqualified honesty in all business dealings. D. In addressing the use of child labor in Bangladesh, Levi Strauss rejected the application of ISCT in favor of ethical imperialism.
For Proposal 3, the incremental depreciation expense for year 6 is ________. (See Table 11.2)
A) $15,750 B) $10,750 C) $23,000 D) $36,150