The principle of utmost good faith:
A) holds the insurer to a higher standard of honesty
B) does not apply in life insurance
C) holds the insured to a higher standard of honesty
D) requires the insurer and insured to enter the contract with utmost good faith
C
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John Elliott and James Gardiner form a partnership to buy, repair and sell used cars. John is to do all the work; James supplies $10,000
They sign a limited partnership agreement limiting James's liability to $10,000 but do nothing else with the agreement. Which of the following statements is true? A) A partners' liability can never be limited to $10,000 B) James's liability could be limited but the failure to publicly register the limited partnership makes the limitation ineffective. C) James's liability is limited to $10,000 because he is a limited partner in the partnership agreement. D) Both A and B E) None of the above.
Use the S-curve to choose the BEST statement about the project it describes. The horizontal axis is in weeks
A) The total project costs in week 10 are less than budgeted. B) The total project costs in week 10 exceed the budgeted cost. C) The project cost more from weeks 25 through 30 than it did in weeks 10 through 15. D) The total amount spent on the project at the end of the 20th week is approximately $30,000.