C12 Insurance On Property Practice Questions - Insurance Institute Of Canada - C12 Insurance On Property Exam

It applies only to the insurer, requiring them to pay claims promptly without investigation. It allows either party to cancel the contract at any time without giving a reason or notice. It imposes a higher standard of honesty and disclosure on both parties, requiring the insured to volunteer all material facts. It means that the contract is interpreted in favor of the insurer in the event of any ambiguous wording.