Questions: Donald's home was recently destroyed by a fire. He made an insurance claim for 250,000. Who is responsible for paying him the 250,000? A. the policyholder B. the insurer C. the person with power of attorney D. the rider

Donald's home was recently destroyed by a fire. He made an insurance claim for 250,000. Who is responsible for paying him the 250,000? A. the policyholder B. the insurer C. the person with power of attorney D. the rider
Transcript text: Donald's home was recently destroyed by a fire. He made an insurance claim for $\$ 250,000$. Who is responsible for paying him the $\$ 250,000$ ? A. the policyholder B. the insurer C. the person with power of attorney D. the rider
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Solution

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The answer is B: the insurer.

Explanation for each option:

A. The policyholder: This is incorrect. The policyholder is the person who owns the insurance policy, in this case, Donald. He is the one making the claim, not the one responsible for paying it.

B. The insurer: This is correct. The insurer is the insurance company that issued the policy. They are responsible for paying out claims according to the terms of the insurance policy.

C. The person with power of attorney: This is incorrect. A person with power of attorney is someone authorized to act on behalf of another person in legal or financial matters. They do not have responsibility for paying insurance claims unless they are also the insurer.

D. The rider: This is incorrect. A rider is an additional provision added to an insurance policy that provides extra benefits or coverage. It is not a person or entity responsible for paying claims.

In summary, the insurer is the entity responsible for paying Donald the $250,000 as per the insurance claim.

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