Which one of the following is true concerning consideration in property insurance?
A) Dollars must change hands from the insured to the insurer before a contract exists.
B) The only valid consideration is cash payment of all premiums in full.
C) Abiding by the contractual language and paying the premium is the consideration the insured provides.
D) If the premium is not paid at the time of a loss, the insured is given a 30-day grace period to pay.
C
You might also like to view...
Answer the following statements true (T) or false (F)
1. A greenfield venture is a strategic alliance with individuals and organizations in developing nations; the venture's goals are to assist, educate, and share the risks and rewards of starting a new nonprofit organization in the developing country. 2. There are two types of tariffs: a revenue tariff, designed simply to raise money for the government; and a protective tariff, which raises the price of imported goods to make the prices of domestic products more competitive. 3. NAFTA is a trading bloc consisting of the United States, Canada, Panama, and Mexico. 4. The "most favored nation" trading status describes a condition in which a country grants other countries favorable trading treatment, such as the reduction of import duties.
A deed need not be recorded to be valid
Indicate whether the statement is true or false
Which of the following best defines a data requirement?
A) Refers to the attributes that a database must contain to meet its business needs B) Refers to attributes that must be present for generating reports C) Refers to requirements related to user access and permissions D) None of the above
The economic center of Mexico is
a. Guadalajara b. Puebla c. Tijuana d. Mexico City