An ______________ Clause provides that the policy will not automatically lapse if no payment is made...
An ______________ Clause provides that the policy will not automatically lapse if no payment is made on the date due. Ordinarily, under such a provision, the insured has a grace period of thirty or thirty-one days within which to pay an overdue premium before the policy is canceled.
Select one:
a. Antilapse.
b. Appraisal..
c. Intercontestability.
d. Arbitration.
Homework Answers
Option A - Antilapse clause.
This gives a grace period to insurance buyer to make the payment that is overdue for the insurance policy.
Appraisal clause - This is for determining the extent of loss and a neutral 3rd party can be engaged in case of a dispute over value of loss.
Arbitration clause- A neutral 3rd party can be engaged in case of a dispute.
Intercontestability clause- Insurance companies cannot void the insurance of insured due to a misstatement on the insurance form after a considerable period of time.
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