One of three tenants in your insured's rented triplex, sets fire to his apartment, is charged with arson and jailed. Next day the tenant's wife bails out her husband who allegedly set the fire and they return to live in the damaged apartment. The insurance company wishes to retire from this risk as soon as possible. What procedure must the insurer follow to legally cancel the policy? OA) Insurer can cancel in five days by written notice of termination personally delivered and any return premium paid to insured. OB) Insurer cannot cancel the policy mid-term and must remain on risk until the renewal date. OC) Cancellation can only be made fifteen (15) days following receipt of cancellation notice by registered mail. Policy must remain in force but any additional damage done by the tenant will not be covered.
One of three tenants in your insured's rented triplex, sets fire to his apartment, is charged with arson and jailed. Next day the tenant's wife bails out her husband who allegedly set the fire and they return to live in the damaged apartment. The insurance company wishes to retire from this risk as soon as possible. What procedure must the insurer follow to legally cancel the policy? OA) Insurer can cancel in five days by written notice of termination personally delivered and any return premium paid to insured. OB) Insurer cannot cancel the policy mid-term and must remain on risk until the renewal date. OC) Cancellation can only be made fifteen (15) days following receipt of cancellation notice by registered mail. Policy must remain in force but any additional damage done by the tenant will not be covered.
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Transcribed Image Text:One of three tenants in your insured's rented triplex, sets fire to his apartment, is charged with arson and jailed.
Next day the tenant's wife bails out her husband who allegedly set the fire and they return to live in the damaged
apartment. The insurance company wishes to retire from this risk as soon as possible. What procedure must the
insurer follow to legally cancel the policy?
OA) Insurer can cancel in five days by written notice of termination personally delivered and any return premium
paid to insured.
OB) Insurer cannot cancel the policy mid-term and must remain on risk until the renewal date.
OC) Cancellation can only be made fifteen (15) days following receipt of cancellation notice by registered mail.
OD) Policy must remain in force but any additional damage done by the tenant will not be covered.
Transcribed Image Text:From an insurance standpoint, which one (1) of the following situations will the premises be considered "vacant"?
OA) When the occupants are away on vacation.
OB) When the occupants moved out and no new occupant has moved in.
OC) When they are closed up for the night.
OD) When the occupants are living elsewhere temporarily while major building repairs are being made.
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