QUESTION 1 A state statute usually requires that the insurer give advance written notice of the cancellation of a policy to the insured. 0 True 0 False QU EST ION 2 An insurance contract is called a premium. 0 True 0 False QUESTION 3 Gil obtains from Health Insurance Company a policy that provides that Gil has thirty days aer a premium's due date to pay it before the policy will be canceled. This is O a. an appraisal clause. 0 b.an arbitration insin'ance clause. 0 c. an incontestability clause. 0 d.an antilapse clause. QUESTION 4 Under an appraisal clause, ordinarily the insured has a grace period within which to pay an overdue premium before the policy is canceled. 0 True 0 False QUESTION 5 (fitting Edge Corporation makes and sells knives, scissors, garden shears, and other cutting devices. To cover injuries to consumers if the products prove defective, Cutting Edge should obtain ' a. group Insurance. 0 b.ley-person insurance. 0 c. liability insurance. 0 d.1ife insurance. QUESTION 6 Greta applies for a homeowners' policy with Homewood Insurance Company through Ivy, an insurance agent. As a general rule, Homewood is bound by O a.the acts ofneither Gretanor Ivy. 0 b.the acts ofhoth Gre'taand Ivy. 0 C. Ivy's acts. 0 d.Greta's acts. QUESTION 7 Insurance protection may compensate for the injury or death of the insured, but not for the injury or death of another. 0 True 0 False