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ur knowledge. When he returns, six weeks later, he advises you of the transaction and at the same time reports t your insured trades in his outboard boat, motor and trailer for new, more expersive model th the motor while he was away, which cost $1.000 to repair. His Homeowners policy contains a "Water caft, Outbo Her and Miscellaneous Equipment" rider. What would be your response? A) You will report the change to the insurer, assure him the policy covers the loss and ask him to submit the rep- B) The policy does not cover the loss since he did not report the new acquisition within 30 days. C) The policy will cover only the proportion that the value of the equipment trade bras

ur knowledge. When he returns, six weeks later, he advises you of the transaction and at the same time reports t your insured trades in his outboard boat, motor and trailer for new, more expersive model th the motor while he was away, which cost $1.000 to repair. His Homeowners policy contains a "Water caft, Outbo Her and Miscellaneous Equipment" rider. What would be your response? A) You will report the change to the insurer, assure him the policy covers the loss and ask him to submit the rep- B) The policy does not cover the loss since he did not report the new acquisition within 30 days. C) The policy will cover only the proportion that the value of the equipment trade bras

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90 Questions remaining Before going on vacation, your insured trades in his outboard boat, motor and trailer for new, more exper sve models without your knowledge. When he returns, six weeks later, he advises you of the transaction and at the same time reports riking a rock with the motor while he was away, which cost $1,000 to repair. His Homeowners policy contains a "Watert caft, Outboard Motor. Trailer and Miscellaneous Equipment" rider. What would be your response? A) You will report the change to the insurer, assure him the policy covers the loss and ask him to submit the repair bill. OB) The policy does not cover the loss since he did not report the new acquisition within 30 days. OC) The policy will cover only the proportion that the value of the equipment trade bears to the value of the new equipment. OD) since he had not paid the extra premium for the higher valued equipment, the policy will not cover
Transcribed Image Text:90 Questions remaining Before going on vacation, your insured trades in his outboard boat, motor and trailer for new, more exper sve models without your knowledge. When he returns, six weeks later, he advises you of the transaction and at the same time reports riking a rock with the motor while he was away, which cost $1,000 to repair. His Homeowners policy contains a "Watert caft, Outboard Motor. Trailer and Miscellaneous Equipment" rider. What would be your response? A) You will report the change to the insurer, assure him the policy covers the loss and ask him to submit the repair bill. OB) The policy does not cover the loss since he did not report the new acquisition within 30 days. OC) The policy will cover only the proportion that the value of the equipment trade bears to the value of the new equipment. OD) since he had not paid the extra premium for the higher valued equipment, the policy will not cover
73 of 90 A local builder offers to place with you insurance on every house he/she builds while it is under construction. In return, he/she wants you to allow him/her 20 % discount off the premium required by insurers. How would you respond to comply with RIBO Regulations? You can only allow a five percent (5%) discount because of your overhead and expenses, You will pay the builder a flat $10,00 fee for each house, but it is contrary to RIBO Regulations to discount the premium. You refuse to pay the builder anything, since it would contravene RIBO Regulations. You offer the builder a 20% premium refund for those houses that have no claims while under construction,
Transcribed Image Text:73 of 90 A local builder offers to place with you insurance on every house he/she builds while it is under construction. In return, he/she wants you to allow him/her 20 % discount off the premium required by insurers. How would you respond to comply with RIBO Regulations? You can only allow a five percent (5%) discount because of your overhead and expenses, You will pay the builder a flat $10,00 fee for each house, but it is contrary to RIBO Regulations to discount the premium. You refuse to pay the builder anything, since it would contravene RIBO Regulations. You offer the builder a 20% premium refund for those houses that have no claims while under construction,
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