The incontestability clauseA) Gives the company the right to rescind a policy at any timeB) Permits the company to pay claims within 2 yearsMakes it necessary for the beneficiary to present proof of death in the event of a deathclaimPrevents the company from denying a claim after the policy has been in force for 2years

Incontestibility clause is a clause to protect the policy holder in such cases where the policy…

Answered: Prevents the company from denying a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A sales representative in a shopping centre handed Karl a flyer promoting a style cut and shave for $12 at Lion’s Mane Barber Shop. As he was actually in need of a haircut and shave, Karl dropped by the barber shop, which was also located in the same shopping centre. When he arrived at the shop and presented his flyer to one of the barbers, he was told that there had been an error in the statement of price on the flyer - it was supposed to be $22 and not $12. The shop manager tried to convince Karl that this was still a bargain price given that a style cut and shave would normally cost $30 in other barbershops. Karl got upset, as he passed by two other barbershops in the same shopping centre that sold haircuts and shaves for $20 to $25. If he had known about the supposed mistake in the Lion’s Mane flyer, he wouldn’t have bothered coming to the shop. Answer the following: Does Karl have any legal grounds to claim the price of $12? Would your answer be different if Karl already…

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Prevents the company from denying a claim after the policy has been in force for 2 years