When the principal gives the agent authority in writing, it's referred to as

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When the principal gives the agent authority in writing, it's referred to as

A) express authority
B) implied authority
C) apparent authority
D) imposed authority

Answer: A) express authority

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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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The voluntary relinquishment of a legal right is called
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