The free-look provision gives the policyowner

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The free-look provision gives the policyowner

a) the right to return the policy for a partial refund within a specified number of days
b) the right to contest the terms of the policy
c) the right to change a policy provision
d) the right to return the policy for a full refund within a specified number of days

Answer: d) the right to return the policy for a full refund within a specified number of days

WA Life Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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The voluntary relinquishment of a legal right is called
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