8 of 90 An insurance broker agreed to bind liability coverage, the premium for which the applicant promised to pay the following week. Before any payment was made, a claim was made by a third party. What special action, if any, would the insurer take? Obtain a signed "Waiver of Subrogation" from the applicant/insured. Deny the claim because no premium had been paid. Investigate the claim but take no further action. Respond to the claim in accordance with the coverage bound by the broker.

8 of 90 An insurance broker agreed to bind liability coverage, the premium for which the applicant promised to pay the following week. Before any payment was made, a claim was made by a third party. What special action, if any, would the insurer take? Obtain a signed "Waiver of Subrogation" from the applicant/insured. Deny the claim because no premium had been paid. Investigate the claim but take no further action. Respond to the claim in accordance with the coverage bound by the broker.