Français ur clients have been living in a rental townhouse unit and carry a Tenants Comprehensive policy with your office. ey have just purchased a condominium townhouse similar to their present unit and intend to move into it. What tion would you take as a result of this change? OA) It will only be necessary to review their limits of coverage and endorse the policy to change the address, as their current policy covers contents and liability and they do not require any other coverages. OB) Their policy has to be re-written, as they are no longer tenants and they need a policy with special extra coverages to properly insure the unit they have bought. OC) You will need to use a Home Calculator to estimate the replacement value of the entire building, in order to properly insure the Tenants Liability portion of the building that they own. Font Si OD) As they intend to occupy the unit, they will be eligible for reduced rates for their Homeowners policy, as they own part of the building and it will be owner-occupied.
Français ur clients have been living in a rental townhouse unit and carry a Tenants Comprehensive policy with your office. ey have just purchased a condominium townhouse similar to their present unit and intend to move into it. What tion would you take as a result of this change? OA) It will only be necessary to review their limits of coverage and endorse the policy to change the address, as their current policy covers contents and liability and they do not require any other coverages. OB) Their policy has to be re-written, as they are no longer tenants and they need a policy with special extra coverages to properly insure the unit they have bought. OC) You will need to use a Home Calculator to estimate the replacement value of the entire building, in order to properly insure the Tenants Liability portion of the building that they own. Font Si OD) As they intend to occupy the unit, they will be eligible for reduced rates for their Homeowners policy, as they own part of the building and it will be owner-occupied.
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Language: English Français
Your clients have been living in a rental townhouse unit and carry a Tenants Comprehensive policy with your office.
They have just purchased a condominium townhouse similar to their present unit and intend to move into it. What
action would you take as a result of this change?
OA) It will only be necessary to review their limits of coverage and endorse the policy to change the address, as
their current policy covers contents and liability and they do not require any other coverages.
OB) Their policy has to be re-written, as they are no longer tenants and they need a policy with special extra
coverages to properly insure the unit they have bought.
OC) You will need to use a Home Calculator to estimate the replacement value of the entire building, in order to
properly insure the Tenants Liability portion of the building that they own.
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OD) As they intend to occupy the unit, they will be eligible for reduced rates for their Homeowners policy, as they
own part of the building and it will be owner-occupied.
Transcribed Image Text:A member of the public comes to see you to obtain automobile insurance. He/she brings a current Motor Vehicle Abstract
of Driving Record which shows a recently completed term of License Suspension. You decide you do not want that person
as a client. What are you legally obliged or allowed to do?
OA) Tell him/her you cannot arrange insurance for someone whose license has only recently been reinstated.
OB) Refer him/her to another broker for coverage.
OC) Bind coverage with an insurer for minimum PL & PD and Accident Benefits and submit an application for rating.
OD) Give him/her a blank application to be completed, which you must then forward to an insurer.
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