Question
Collision and comprehensive coverage is optional in most states except if you are financing your car in which case you must have this coverage to protect the lender.
Question 14 options:
True
False
Question 15 (2 points)
Since insurance is a regulated industry, the rates for automobile policies are relatively the same among different companies operating in a state.
Question 15 options:
True
False
Question 14 options:
True
False
Question 15 (2 points)
Since insurance is a regulated industry, the rates for automobile policies are relatively the same among different companies operating in a state.
Question 15 options:
True
False
Answers
GPT-4o mini
**Question 14**: True
Collision and comprehensive coverage is indeed optional in most states unless the vehicle is being financed, in which case lenders typically require this coverage to protect their financial interest in the vehicle.
**Question 15**: False
While the insurance industry is regulated, rates for automobile policies can vary significantly among different companies due to factors such as underwriting practices, market competition, and individual company strategies.
Collision and comprehensive coverage is indeed optional in most states unless the vehicle is being financed, in which case lenders typically require this coverage to protect their financial interest in the vehicle.
**Question 15**: False
While the insurance industry is regulated, rates for automobile policies can vary significantly among different companies due to factors such as underwriting practices, market competition, and individual company strategies.