What is the purpose of the "Pair and Set" clause in a Property insurance policy?OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged.OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged.OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged.OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss willbe paid by the insurer. If an insurer discovers a misrepresentation has been made by an insured or a broker, the insurer may take steps to rectify thesituation. Which one (1) of the following steps is the insurer NOT permitted to take if the misrepresentation is material to the risk?OA) Continue the contract as it stands.OB) Re-rate the risk and continue the contract for an additional premium.OC) Cancel the contract and retain the entire premium paid as a penalty to the insured.OD) Void the contract and return the paid premium in full.

What is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. O B) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.

What is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. O B) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.