Question

All of the following must be specified in an insurance policy EXCEPT?

1) The risks insured against
2) The period during which the insurance is in force
3) The financial rating of the insurer
4) The parties between whom the contract is made

Answer 1

An insurance policy specifies the risks insured against, the period of coverage, and the parties involved in the contract. However, the financial rating of the insurer is not typically included in the policy.

Step-by-step explanation:

All of the following must be specified in an insurance policy EXCEPT:

1. The risks insured against
2. The period during which the insurance is in force
3. The financial rating of the insurer
4. The parties between whom the contract is made

An insurance policy specifies the risks that are covered, the duration of the coverage, and the parties involved in the contract. However, the financial rating of the insurer is not typically specified in the policy. The financial rating is an assessment of the insurer's financial strength and ability to meet its obligations.