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MARCH 2009 BUSINESS LAW CHAPTER 36 DEBRA BARONE ANSWERS TO QUESTIONS AND CASE PROBLEMS 1. The court found in favor of Belize. If there were to be any exclusions, they should have been stated clearly in the policy. The policy did not state that the classification “carpentry” defined certain covered risks. The insurance company was obligated to pay. 2. The defense for Carls is the two year incontestability clause required by state law. So, Standard can not use Carls' statements made in his insurance application unless the policy had been in effect for less than two years. Standard can not seek recission of the insurance policy. 3. Serrano did not own the boat when he applied for a second policy on October 6, 1989, nor did he own it at the time of loss. He did not have an isurable interest in the boat. The policy is void as because of misrepresentation of facts. 4. No, she can not. Because Foster had no insurable interest in the life of McClurkin, the insurance policy was void. 5.
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This note was uploaded on 04/22/2011 for the course FINANCE BUSINESS L taught by Professor Daviddubois during the Spring '09 term at SUNY Empire State.

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