Arkansas Insurance Adjuster Practice Exam

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The factual statements of the insured upon which an insurance policy is based are called:

  1. representations

  2. utmost good faith

  3. allegations

  4. misrepresentations

The correct answer is: representations

Factual statements of the insured upon which an insurance policy is based are called "representations". Option B, "utmost good faith", refers to the principle that both parties involved in an insurance policy must act honestly and fairly with each other. Option C, "allegations", does not accurately describe the insured's statements but rather refers to unproven claims or accusations. Option D, "misrepresentations", suggests false or incorrect statements made by the insured, which would be a violation of good faith and could result in denied coverage. Therefore, "representations" is the most accurate term for factual statements made by the insured.

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