{"id":32476,"date":"2024-04-15T09:02:13","date_gmt":"2024-04-15T09:02:13","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32476"},"modified":"2024-04-15T09:02:13","modified_gmt":"2024-04-15T09:02:13","slug":"duty-to-disclose-arises-in-which-of-the-following-instances","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/duty-to-disclose-arises-in-which-of-the-following-instances\/","title":{"rendered":"Duty to disclose arises in which of the following instances?"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6aa55f52a14fe\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    At the time of taking the policy                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    At the time of revival of lapsed ins                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Both A &amp; B                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    None of the above situations                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. Both A &amp; B<\/strong><\/p>\n<p>The duty to disclose arises when an insured person applies for an insurance policy. The insured person must disclose all material facts that could affect the insurer&#8217;s decision to issue the policy or the terms of the policy. This includes both past and present facts, as well <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> as any facts that could reasonably be expected to affect the risk of loss.<\/p>\n<p>The duty to disclose also arises when an insured person revives a lapsed insurance policy. A lapsed policy is one that has been terminated due to non-payment of premiums. If an insured person wants to revive a lapsed policy, they must disclose all material facts that have occurred since the policy lapsed. This includes any changes in health, occupation, or lifestyle.<\/p>\n<p>If an insured person fails to disclose <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> material facts, the insurer may have the right to void the policy. This means that the insurer would not be required to pay any claims under the policy. In some cases, the insurer may also be able to sue the insured person for damages.<\/p>\n<p>It is important for insured persons to understand their duty to disclose. If you have any questions about this duty, you should contact your insurance company.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li><strong>A. At the time of taking the policy:<\/strong> This is the most common situation in which the duty to disclose arises. When you apply for an insurance policy, you are asked to provide information about your health, occupation, and lifestyle. This information is used to assess your risk of loss and to determine the terms of your policy. You are required to disclose all material facts, even if you think they may not be important.<\/li>\n<li><strong>B. At the time of revival of lapsed ins:<\/strong> If you have a lapsed insurance policy and you want to revive it, you must disclose all material facts that have occurred since the policy lapsed. This includes any changes in health, occupation, or lifestyle. If you fail to disclose material facts, the insurer may have the right to void the policy.<\/li>\n<li><strong>C. Both A &amp; B:<\/strong> This is the correct answer. The duty to disclose arises when you apply for an insurance policy and when you revive a lapsed policy.<\/li>\n<li><strong>D. None of the above situations:<\/strong> This is the incorrect answer. The duty to disclose arises in both of the situations described above.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Duty to disclose arises in which of the following instances?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/duty-to-disclose-arises-in-which-of-the-following-instances\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Duty to disclose 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