In the following case, the insurer must give its consent to the transfer of an existing insurance contract when: a) the insureds sell their home and the new owners want to continue... In the following case, the insurer must give its consent to the transfer of an existing insurance contract when: a) the insureds sell their home and the new owners want to continue the existing policy. b) there has been a change in title to the insured property after the death of the insured. c) there has been an authorized assignment under the Bankruptcy Act. d) the insured becomes insane and title to the insured property is given to another by order of the court.
Understand the Problem
The question is asking about the conditions under which an insurer must consent to the transfer of an existing insurance contract. It presents multiple scenarios and seeks to identify which one requires consent from the insurer.
Answer
The insurer must consent when new owners wish to continue the existing policy.
The final answer is a) the insureds sell their home and the new owners want to continue the existing policy.
Answer for screen readers
The final answer is a) the insureds sell their home and the new owners want to continue the existing policy.
More Information
An insurer's consent is typically required for transferring a policy to new owners when a property is sold, as the insurance contract covers specific conditions related to the original insured party.
Tips
Ensure to understand that insurance contracts are personal and tied to the original insured.
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