"Fine Arts Coverage" attached to a Homeowners policy is an "All Risks" form used to insure certain valuable items. Which one (1) of the following statements is NOT true about the coverage? Up to 15% of the total amount of Fine Arts coverage can apply at any unnamed location in North America. Additional fine arts acquired by the insured are automatically covered for 30 days but not for more than 25% of the total amount of Fine Arts coverage. Coverage is in effect between locations specified in the policy. The Fine Arts must be packed and unpacked by competent packers.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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"Fine Arts Coverage" attached to a Homeowners policy is an "All Risks"
form used to insure certain valuable items. Which one (1) of the following
statements is NOT true about the coverage?
Up to 15% of the total amount of Fine Arts coverage can apply at any
unnamed location in North America.
Additional fine arts acquired by the insured are automatically covered for 30
days but not for more than 25% of the total amount of Fine Arts coverage.
Coverage is in effect between locations specified in the policy.
The Fine Arts must be packed and unpacked by competent packers.
Transcribed Image Text:"Fine Arts Coverage" attached to a Homeowners policy is an "All Risks" form used to insure certain valuable items. Which one (1) of the following statements is NOT true about the coverage? Up to 15% of the total amount of Fine Arts coverage can apply at any unnamed location in North America. Additional fine arts acquired by the insured are automatically covered for 30 days but not for more than 25% of the total amount of Fine Arts coverage. Coverage is in effect between locations specified in the policy. The Fine Arts must be packed and unpacked by competent packers.
Miriam, a Broker, receives a call from a prospect for an automobile
insurance quote. Miriam gets a quote from both ABC Insurance and XYZ
Insurance for the same premium. XYZ Insurance has currently a new
business incentive with the brokerage that Miriam works at, offering an
extra 5 percent commission for each new business. What should Miriam
do?
Only present the quote from XYZ Insurance.
Present both quotes and encourage the prospect to choose XYZ Insurance.
Present both quotes and encourage the prospect to choose ABC Insurance.
Present both quotes to the prospect and disclose that XYZ insurance is
offering a new business incentive.
Transcribed Image Text:Miriam, a Broker, receives a call from a prospect for an automobile insurance quote. Miriam gets a quote from both ABC Insurance and XYZ Insurance for the same premium. XYZ Insurance has currently a new business incentive with the brokerage that Miriam works at, offering an extra 5 percent commission for each new business. What should Miriam do? Only present the quote from XYZ Insurance. Present both quotes and encourage the prospect to choose XYZ Insurance. Present both quotes and encourage the prospect to choose ABC Insurance. Present both quotes to the prospect and disclose that XYZ insurance is offering a new business incentive.
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