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

Insurance Transaction

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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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A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
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