Knowingly lying on an application in order to obtain coverage would be an example of:
Knowingly lying on an application in order to obtain coverage would be an example of:
A) misrepresentation.
B) recession.
C) fraud.
D) concealment.
Answer: C
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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