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Questions and Answers
Under what policy can the insured abandon property to the insurers and claim a total loss?
Under what policy can the insured abandon property to the insurers and claim a total loss?
- Life Insurance Policy
- Health Policy
- Fire Policy
- Marine Policy (correct)
What happens if the insured does not cooperate according to the condition?
What happens if the insured does not cooperate according to the condition?
- The insured is given additional time to cooperate
- The insured's benefits under the policy are forfeited (correct)
- The insured's liability for loss is admitted
- The insured is forgiven for non-cooperation
What is the purpose of enabling loss assessors to enter the premises?
What is the purpose of enabling loss assessors to enter the premises?
- To minimize the damage
- To establish the cause and extent of loss (correct)
- To protect salvage
- All of the above
When are the rights conferred by the condition exercisable by the company?
When are the rights conferred by the condition exercisable by the company?
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Why is the right of abandonment denied under a fire policy?
Why is the right of abandonment denied under a fire policy?
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