When completing a "Proof of Loss" form following a claim, the insured is required to inventory not only the damagedproperty but, if required, the undamaged property as well. What is the reason for this?OA) It prevents the insured from exaggerating the value of the property damaged or destroyed.OB) It permits the insurer to determine the proportion of the total value represented by the damaged property.OC) It prevents the insured from becoming a co-insurer.OD) It is required to provide statistics as to the number of total losses versus partial losses. You quote the best premium you can obtain for insurance to a prospective client, who tells you he/she has a lowerquotation for similar coverage from another broker. You ask the insurer to meet the competition but without success.What legal avenue is open to you to gain the business?OA) Tell the prospect you are unable to meet the premium quoted by e other broker but try to persuade himof the value of dealing with you and your insurer instead.OB) If you get the order, invoice the full policy premium less a discount to result in the net figure quoted by yourcompetitor.OC) Tell the prospect that after he/she pays the policy premium, you will issue a refund cheque from yourGeneral Account which will result in a net cost matching the other broker's quotation.OD) Reduce your quotation to match the other broker's. Invoice only the premium you have quoted and not thepremium showing on the policy.

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Answered: When completing a "Proof of Loss" form…

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