Asked by Zeyka Strandzheva on Jun 18, 2024
Verified
Regarding Mark's statement that Nari would never see a jury, which of the following is true?
A) Mark is correct based on provisions in most policies denying the insured the right to contest policy provisions.
B) Mark is incorrect, and insurers may not require as a condition of a policy that an insured give up the right to a trial by jury.
C) Mark is correct based on provisions in most policies providing that the insurance company has the final word regarding coverage.
D) Mark is likely referencing a provision requiring arbitration contained in some policies.
E) Mark is likely referencing a provision requiring that any dispute be settled by the Insurance Adjustors of America contained in some policies.
Incontestability Clause
The incontestability clause is a provision in life insurance policies that limits the time within which the insurer can contest or challenge the validity of the policy, typically after it has been active for two years.
Disputes
Disputes are disagreements or conflicts between parties that can arise over differences in views, interests, or claims.
Policy
A deliberate system of principles to guide decisions and achieve rational outcomes.
- Discern the juridical considerations and outcomes in litigation related to insurance contracts.
- Appreciate the ethical dimensions in insurance applications and claims, including the consequences of misrepresentation.
Verified Answer
GH
Gretta HowlandJun 24, 2024
Final Answer :
D
Explanation :
Mark's statement likely refers to an arbitration clause commonly found in insurance policies, which requires disputes to be resolved through arbitration rather than in court, thus bypassing a jury trial.
Learning Objectives
- Discern the juridical considerations and outcomes in litigation related to insurance contracts.
- Appreciate the ethical dimensions in insurance applications and claims, including the consequences of misrepresentation.