Commercial Package Policy Common Policy Conditions Quiz
3 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Under the Common Policy Conditions of the Commercial Package policy, what right does the insurer not have?

  • Inspect the insured property at any time for underwriting purposes
  • Consent to policy changes requested by the first named insured
  • Cancel the policy for non payment of premium
  • Examine the insured's records at any time, up to 5 years after policy expiration (correct)

    • Which action is not permissible for the insurer under the Common Policy Conditions of the Commercial Package policy?

  • Conducting random inspections of the insured property for underwriting purposes
  • Cancelling the policy for non payment of premium
  • Accessing the insured's financial records at any time without consent (correct)
  • Approving policy changes requested by the first named insured

    • Which activity is restricted for the insurer as per the Common Policy Conditions of the Commercial Package policy?

  • Agreeing to all policy changes requested by the first named insured
  • Terminating the policy immediately for non payment of premium (correct)
  • Inspecting the insured property only during business hours for underwriting purposes
  • Reviewing the insured's records without a valid reason

    • Study Notes

    Common Policy Conditions of the Commercial Package Policy

    • The insurer does not have the right to change the policy's terms and conditions without the policyholder's consent.
    • The insurer is not allowed to cancel the policy without providing the policyholder with a 30-day written notice.
    • The insurer is restricted from assigning the policy to another insurer without the policyholder's prior written consent.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of the common policy conditions in a Commercial Package Policy by identifying the rights of the insurer in various scenarios.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser