Question

Which of the following is an accurate statement about property insurance policies?

Multiple Choice

• They are less likely to provide coverage for flood-related losses than for lightning-related losses.

• They are more likely to provide coverage for losses resulting from friendly fires than for losses resulting from hostile fires.

• They do not provide coverage for losses resulting from fires that were intentionally caused by persons having no connection with the insured.

• Requisite insurable interest must generally exist at the time of the entering into the policy.

A contract calls for Baked Goods, Inc., a bakery, to deliver fresh cookies to a coffee shop, The Coffee Cup, every Monday and for The Coffee Cup to pay on delivery. Baked Goods regularly delivers the cookies on Thursday and The Coffee Cup pays and never objects to the late deliveries. One Thursday, The Coffee Shop refuses the delivery and wants to cancel the contract. Which of the following statements is true?

Multiple Choice

• The Coffee Cup can cancel the contract because Baked Goods has breached it.

• The Coffee Cup must give Baked Goods an opportunity to cure the error.

• The Coffee Cup cannot cancel the contract because it failed to give Baked Goods reasonable notice of its dissatisfaction.

• The Coffee Cup cannot cancel the contract because it waived its right by accepting the previous late deliveries.

Answer 1

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Which of the following is an accurate statement about property insurance policies?

Answer is option #1 - They are less likely to provide coverage for flood-related losses than for lightning-related losses.

A contract calls for Baked Goods, Inc., a bakery, to deliver fresh cookies to a coffee shop, The Coffee Cup, every Monday and for The Coffee Cup to pay on delivery. Baked Goods regularly delivers the cookies on Thursday and The Coffee Cup pays and never objects to the late deliveries. One Thursday, The Coffee Shop refuses the delivery and wants to cancel the contract. Which of the following statements is true?

Answer is option #4 - The Coffee Cup cannot cancel the contract because it waived its right by accepting the previous late deliveries.