Omar, a Broker, has a client that has $1 million in liability coverage on his insurance policy. The client's renewal is approaching and Omar decides to increase it to $2 million as the premium increase is minimal. Does Omar need consent from his client to amend the policy? No, he only needs consent if he is removing coverage. Yes, because there is an increase in the premium. No, because it is in the best interest of the client. Yes, all policy changes need consent from the client.
Omar, a Broker, has a client that has $1 million in liability coverage on his insurance policy. The client's renewal is approaching and Omar decides to increase it to $2 million as the premium increase is minimal. Does Omar need consent from his client to amend the policy? No, he only needs consent if he is removing coverage. Yes, because there is an increase in the premium. No, because it is in the best interest of the client. Yes, all policy changes need consent from the client.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:Omar, a Broker, has a client that has $1 million in liability coverage on his
insurance policy. The client's renewal is approaching and Omar decides to
increase it to $2 million as the premium increase is minimal. Does Omar
need consent from his client to amend the policy?
No, he only needs consent if he is removing coverage.
Yes, because there is an increase in the premium.
No, because it is in the best interest of the client.
Yes, all policy changes need consent from the client.
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