How many months can a life insurance policy normally be backdated from the date of application?
How many months can a life insurance policy normally be backdated from the date of application?
a) 3
b) 6
c) 9
d) 12
Answer: b) 6
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