n NISM Certifications
NSM General NISM
Medium

What distinguishes “Conditions” from “Warranties” in an insurance contract?

Practice question from IC 38 Mock Test 2 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    Conditions are optional; warranties are mandatory

  2. Conditions form the agreement’s basis; warranties are additional clauses

    Correct answer

  3. C

    Conditions relate to fraud; warranties to claims

  4. D

    Conditions apply to health insurance only

A full explanation for this question is being written. In the meantime, the correct answer is highlighted above.

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