The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the

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The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the

a. total contract
b. aleatory contract
c. complete contract
d. entire contract

Answer: d

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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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