Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?
The Fair Credit Reporting Act
In forming an insurance contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
Which of the following is NOT the consideration in a policy?
The application given to a prospective insured
In terms of parties to a contract, which of the following does NOT describe a competent party?
The policy conditions define
How parties to the contract must act following a loss.
An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?
Consideration
An insurance contract must contain all of the following to be considered legally binding EXCEPT
Who is responsible for filling out a notice of claim form?
Insured
Which of the following clauses establishes the procedure for determining the amount of a loss when the insurer and the insured cannot agree on the value of property or amount of loss?
The part of the policy that sets forth the rules of conduct, duties, and obligations of the parties is called the
Conditions
If a property is covered by Company A for $20,000 and Company B covers the same property for $40,000, how much will Company A pay on a $24,000 loss?
$8,000
All of the following are conditions commonly found in the insurance policy EXCEPT
Duties of the insurer found in property policy conditions include all of the following EXCEPT
Notify the insured in the event of financial difficulty.
$10,000
The type of insurance used to cover goods for one specific trip is called
30 days