If Robert chooses to stay with his current insurer even after he becomes eligible for Medicare Part D, which of the following is true?

a. He will not be able to obtain Part D coverage after 31 days of becoming eligible.

b. He will be able to switch to coverage D with no penalty if he is over age 67.

c. He will be able to switch to coverage D at any time with no penalty.

d. He will have to pay a penalty fee to obtain Part D later.

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? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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The voluntary relinquishment of a legal right is called
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