General Insurance
An insurer discovers within the contestable period that a material fact was concealed. What remedy is rescission?
Answer and explanation
Answer: D. Rescission unwinds the contract from the beginning, with premiums returned, and it is available for material misrepresentation or concealment during the contestable period. Adjusting the benefit or the premium instead applies to misstatement of age or sex, not to concealment.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, rescission
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621 New York questions like this one.
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