Which of the following would be a valid reason why a policy premium would be higher than the standard premium?

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Which of the following would be a valid reason why a policy premium would be higher than the standard premium?

a) The insurer is not a member of the MIB
b) The agent quoted the wrong price
c) The insured does not have the necessary financial reserves
d) The insured does not meet established underwriting requirements

Answer: d) The insured does not meet established underwriting requirements

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?

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? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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