General Insurance
What is a waiver in the context of an insurance contract?
Answer and explanation
Answer: A. Waiver is the intentional relinquishment of a right one knows one has, as where an insurer accepts a late premium without objection. Suspensions, exclusion riders and endorsements are contract terms rather than a surrender of rights.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, waiver
More general insurance questions
- What does the law of large numbers allow an insurer to do?
- What does the mandatory fraud warning on a life insurance application state?
- What does the principle of utmost good faith require of the parties to an insurance contract?
- What does the term 'unilateral' mean in relation to a life insurance contract?
- What follows from an insurance policy being a personal contract?
- What is adverse selection in insurance?
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.