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