Jill's property insurance policy requires her to promptly notify the insurer if a loss occurs and to cooperate with the insurer in settling the claim.If Jill does not provide prompt notification or cooperate with the insurer settling the claim,the insurer can deny payment.These qualifications on the insurer's promise to perform are called
A)endorsements.
B)binders.
C)conditions.
D)exclusions.

Question

Quizplus · Accepted Answer

The qualifications on the insurer's promise to perform are called conditions. In this case, the policy conditions require Jill to promptly notify the insurer of a loss and to cooperate with the insurer in settling the claim. Failure to meet these conditions could result in the insurer denying payment. Endorsements are amendments to the policy, binders are temporary contracts of insurance, and exclusions are specific risks that are not covered by the policy.

Jill's Property Insurance Policy Requires Her to Promptly Notify the Insurer