Question

If any individual insured is not given notice of the right to an individual policy within 15 days, the insured will be granted an additional period within which to exercise that right. This new period will expire within 15 days of the notice, but under no circumstances will extend more than 60 days beyond the policy's next expiration date.

a) True
b) False

Answer 1

The statement about the insurance policy rights is false, as the actual terms depend on the specific insurance contract or state laws. The reference information is about lease termination, requiring a 30-day notice and specifying consequences of not vacating.

Step-by-step explanation:

The statement is false. The given passage discusses the rights of an insured to an individual policy if notice is not given. However, it does not specify the policy concerning the expiration of this right. Typically, such rights are governed by specific insurance contract terms or by state regulations, which vary. The additional period's expiration might not be contingent upon the notice but by the terms stated in the policy itself or under applicable law.

When terminating a lease, as per the provided reference information on termination terms, either party may terminate the agreement with a 30-day written notice. If a resident fails to vacate the premises by the termination date, they become liable for additional rent and damages, which can include the owner's loss of prospective new renters.