What is an example of negative option billing? A client has no money in their account to pay the insurance premium. A client asks to remove a second vehicle from their existing insurance policy. A Broker increases the policy limits without the client's consent The insurance company cancels the policy short rate. Vim Stanley recently moved back to Ontario after living abroad for two years. He purchased a vehicle and is asking his Broker for insurance quotes. One insurance company's quote is favourable but the company prefers not to insure Stanley because of the gap in his insurance history. What should the Broker do to act within the scope of his agreement with the insurance company? Obtain approval for the risk from the Principal Broker for approval and then submit the completed application to the insurer. Discuss the risk with the insurer's underwriter for binding approval and then submit the completed application to the insurer. Discuss the risk with colleagues first and then submit the completed application to the insurer. Submit the application without the driving gap as this will get Stanley the best rate.
What is an example of negative option billing? A client has no money in their account to pay the insurance premium. A client asks to remove a second vehicle from their existing insurance policy. A Broker increases the policy limits without the client's consent The insurance company cancels the policy short rate. Vim Stanley recently moved back to Ontario after living abroad for two years. He purchased a vehicle and is asking his Broker for insurance quotes. One insurance company's quote is favourable but the company prefers not to insure Stanley because of the gap in his insurance history. What should the Broker do to act within the scope of his agreement with the insurance company? Obtain approval for the risk from the Principal Broker for approval and then submit the completed application to the insurer. Discuss the risk with the insurer's underwriter for binding approval and then submit the completed application to the insurer. Discuss the risk with colleagues first and then submit the completed application to the insurer. Submit the application without the driving gap as this will get Stanley the best rate.
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
Problem 1PS
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Transcribed Image Text:What is an example of negative option billing?
A client has no money in their account to pay the insurance premium.
A client asks to remove a second vehicle from their existing insurance policy.
A Broker increases the policy limits without the client's consent
The insurance company cancels the policy short rate.
Vim
Transcribed Image Text:Stanley recently moved back to Ontario after living abroad for two years. He
purchased a vehicle and is asking his Broker for insurance quotes. One
insurance company's quote is favourable but the company prefers not to insure
Stanley because of the gap in his insurance history. What should the Broker do
to act within the scope of his agreement with the insurance company?
Obtain approval for the risk from the Principal Broker for approval and then submit
the completed application to the insurer.
Discuss the risk with the insurer's underwriter for binding approval and then
submit the completed application to the insurer.
Discuss the risk with colleagues first and then submit the completed application to
the insurer.
Submit the application without the driving gap as this will get Stanley the best rate.
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