General Insurance
What makes an insurance policy a conditional contract?
Answer and explanation
Answer: B. A conditional contract requires certain conditions to be met before the insurer must perform, such as premium payment and submission of proof of loss. Renewal terms, waiting periods, and contestability are particular provisions rather than the conditional character itself.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, conditional contract
More general insurance questions
- An insurer formed under the laws of Connecticut writes business in New York. How is it classified in New York?
- An insurer has not been granted authority to transact business in New York. How is it described?
- An insurer has taken late premiums for two years without comment, then declines a claim for late payment. What doctrine answers the insurer?
- An insurer incorporated in Ontario, Canada writes business in New York. How is it classified in New York?
- An insurer lets a former agent keep using its stationery and signs, and a client deals with him believing he still represents it. Which authority is in play?
- An insurer transfers part of the risk it has accepted to another insurer. What is that arrangement?
621 New York questions like this one.
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