Q261
Which of the following are correct?
A.
Alterations can be done by placing a suitable endorsement on the policy
B.
For some alterations, cancellation of existing policy and issuance of new policy are resorted to
C.
Both the above are wrong
AnswerD.
None of the three
Answer: Option C
Solution
Answer: Option C
Solution:
An alteration of the risk occurs when there is a change in the circumstances which, according to the contract, are to form the basis of the insurance, and the risk is thereby altered contrary to the implied conditions of the contract.