3 Questions
Under the Common Policy Conditions of the Commercial Package policy, what right does the insurer not have?
Examine the insured's records at any time, up to 5 years after policy expiration
Which action is not permissible for the insurer under the Common Policy Conditions of the Commercial Package policy?
Accessing the insured's financial records at any time without consent
Which activity is restricted for the insurer as per the Common Policy Conditions of the Commercial Package policy?
Terminating the policy immediately for non payment of premium
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.
Test your knowledge of the common policy conditions in a Commercial Package Policy by identifying the rights of the insurer in various scenarios.
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