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Every insurance policy provides for termination of a policy by either the insurer or by the insured. When will cancellation takes effect if the insured person wishes to cancel a policy? OA) On the date the policy or Lost Policy Voucher is signed off by the insured. OB) Thirty (30) days after receipt of a registered letter requesting cancellation. OC) Ten (10) days after a written request has been delivered to the insurer. OD) As soon as the insured receives payment of any return premium due.

Every insurance policy provides for termination of a policy by either the insurer or by the insured. When will cancellation takes effect if the insured person wishes to cancel a policy? OA) On the date the policy or Lost Policy Voucher is signed off by the insured. OB) Thirty (30) days after receipt of a registered letter requesting cancellation. OC) Ten (10) days after a written request has been delivered to the insurer. OD) As soon as the insured receives payment of any return premium due.

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Every insurance policy provides for termination of a policy by either the insurer or by the insured. When will cancellation take effect if the insured person wishes to cancel a policy? OA) On the date the policy or Lost Policy Voucher is signed off by the insured. OB) Thirty (30) days after receipt of a registered letter requesting cancellation. OC) Ten (10) days after a written request has been delivered to the insurer. OD) As soon as the insured receives payment of any return premium due.
Transcribed Image Text:Every insurance policy provides for termination of a policy by either the insurer or by the insured. When will cancellation take effect if the insured person wishes to cancel a policy? OA) On the date the policy or Lost Policy Voucher is signed off by the insured. OB) Thirty (30) days after receipt of a registered letter requesting cancellation. OC) Ten (10) days after a written request has been delivered to the insurer. OD) As soon as the insured receives payment of any return premium due.
An individual comes to your office and requests an automobile insurance policy. He/she has valid owner and driver permits, but reveals a driving record that includes several impaired driving convictions. It is 10:30 a.m. and the person has every appearance that they could have another impaired charge on the way home. You are also very aware that the management of your office is concerned with its loss ratio. What would be an appropriate response? OA) Tell the individual your companies are unable to help because of their current restrictions on drivers with impaired convictions. OB) Send him/her down the street to a competitor whom you feel is more inclined to write this class of business. OC) Ask the individual to complete an application which you will submit to an insurer. OD) Tell the individual you require payment of a fee for service before you search for an insurer to accept an application.
Transcribed Image Text:An individual comes to your office and requests an automobile insurance policy. He/she has valid owner and driver permits, but reveals a driving record that includes several impaired driving convictions. It is 10:30 a.m. and the person has every appearance that they could have another impaired charge on the way home. You are also very aware that the management of your office is concerned with its loss ratio. What would be an appropriate response? OA) Tell the individual your companies are unable to help because of their current restrictions on drivers with impaired convictions. OB) Send him/her down the street to a competitor whom you feel is more inclined to write this class of business. OC) Ask the individual to complete an application which you will submit to an insurer. OD) Tell the individual you require payment of a fee for service before you search for an insurer to accept an application.
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Your insureds occupy a single family detached dwelling. For economic reasons, they are considering renting the finished basement to a tenant. What affect will this have on their Homeowners Policy? O A) None at all. Renting part of a dwelling is not considered a commercial activity. O B) They will have to install a smoke detector in the basement and the policy will then be in full force. O C) The policy will have to be cancelled and re-issued on a Secondary Dwelling form. O D) The policy must be endorsed to declare it is no longer a single family, owner- occupied dwelling."

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