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Question: We've found information regarding false pretense coverage, and the exclusion that states that coverage does not apply to a loss in which for any reason a bank or other drawee fails to pay.
We insure a car dealership. A customer completed an online loan application on the dealer's website and was pre-approved for an auto loan. An appointment was made for the customer to come to the dealership, fill out the paperwork, and purchase the vehicle. The customer provided all of the requested information including a driver's license and a copy of his social security card. The customer paid a $2,000 down payment, and was able to leave with the vehicle.
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