Wilson sold a valuable coin collection to Blake. Since the insurance policy on the collection still had two years to run, Wilson turned it over to Blake without notifying the insurance company. A year later, the collection was stolen. Is the insurance company liable for the loss?
No. Property and casualty insurance policies cannot be assigned to another person before a loss occurs without the consent of the insurer.
You might also like to view...
Southwest Airlines offers a Rapid Rewards program that allows customers to count flights they have taken toward free future flights. This is an example of a(n) ________
A) cross-selling program B) value delivery system C) club membership program D) activity-based costing program E) up-selling program
________ are customers who go from one store to another, buying only items that are on special.
A. Whistleblowers B. Early adapters C. Cherry pickers D. Laggards E. Innovators
Which of the following is a marketing decision that may be called into question under the law?
A) price increases B) scarce resources C) excessive cost D) dealer's rights E) deceptive pricing
Inventory is often the largest:
A) expense on the Income Statement. B) long-term asset on the Balance Sheet. C) current asset on the Balance Sheet. D) part of general selling expenses.