Which of the following is a requirement for ANY change in an insurance application?

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Which of the following is a requirement for ANY change in an insurance application?

A) Change must be initiated by the agent
B) Change must be initialed by the applicant
C) Change must be approved by the insurer
D) Change must be notarized

Answer: B) Change must be initialed by the applicant

Health 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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