What is the purpose of the Medical Information Bureau (MIB)?
A) To accept or decline insurance applicants
B) To set the premium rates for insurers
C) To help underwriters evaluate risk
D) To perform physical examinations on applicants
Ans: C) To help underwriters evaluate risk
Business
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If one party wants to rely on a limitation clause they must bring it to the attention of the other party at the time the contract was made
Indicate whether the statement is true or false
Business
What is the effect of the optional agreed value provision in the building and personal property coverage form?
A) It provides replacement cost coverage. B) It increases insured values along with inflation. C) It suspends the coinsurance clause. D) It reduces the deductible to $50.
Business