What is the legal significance of a material misrepresentation in an insurance application?
A) The contract is automatically voided from its inception.
B) The contract is voidable at the insurer's option.
C) Loss payments are reduced by the degree of the misrepresentation.
D) The insurer is immediately entitled to a higher premium.
Answer: B
Business
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A) a 21-day grace period B) a change of beneficiary provision C) a reinstatement provision D) the amount of policy premiums
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Mineral rights, unless there is an agreement otherwise:
A. are automatically transferred with the sale of real property B. are always kept by the original owner of the property C. cannot be conveyed separately from the surrounding real property D. cannot be leased
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