Fraternal Benefit Society has each of the following characteristics EXCEPT

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Fraternal Benefit Society has each of the following characteristics EXCEPT

A) Incorporated
B) Without capital stock
C) Exist for profit
D) Exist for the benefit of its member

Answer: C) Exist for profit

Basic Principles

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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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