Only the following person has the authority to waive a term or condition contained in a contract of insurance: (1 mark)
Understand the Problem
The question is asking which party has the authority to waive a term or condition in an insurance contract. It provides multiple-choice options to identify the correct person or entity.
Answer
b) person authorized for that purpose by the insurer.
The final answer is: b) person authorized for that purpose by the insurer.
Answer for screen readers
The final answer is: b) person authorized for that purpose by the insurer.
More Information
In insurance contracts, only individuals who are expressly authorized by the insurer have the legal capacity to modify or waive terms and conditions.
Tips
A common mistake is assuming the insured or broker can unilaterally waive conditions, but this authority is generally reserved for those expressly authorized by the insurer.
Sources
- PART 1452 - SOLICITATION PROVISIONS AND CONTRACT ... - acquisition.gov
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