help asap A client has personal home insurance with the Broker. The client calls the Broker to discuss quotes for a property theyare purchasing that will be converted to mini apartment building with 8 units inside. The Broker does not haveexperience with commercial properties. What should the Broker do?OA) Take all the information and submit to the insurer to add to the current home policy.OB) Refer the client to a Broker who has the necessary expertise.OC) Advise the client that they do not handle commercial and should find another Broker.OD) Take the information from the client and submit it to commercial lines for review. Before going on vacation, your insured trades in his outboard boat, motor and trailer for new, more expensive modelswithout your knowledge. When he returns, six weeks later, he advises you of the transaction and at the same timereports striking a rock with the motor while he was away, which cost $1,000 to repair. His Homeowners policy containsa "Watercraft, Outboard Motor, Trailer and Miscellaneous Equipment" rider. What would be your response?OA) You will report the change to the insurer, assure him the policy covers the loss and ask him to submit therepair 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 newequipment.OD) Since he had not paid the extra premium for the higher valued equipment, the policy will not cover.

For the first question:The correct option is Refer the client to a broker who has the necessary…

Answered: Before going on vacation, your insured…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A producer must deliver an Outline of Coverage to a prospective insured who is eligible for Medicare at which of the following times? Before the application is taken 2.After the application is signed 3.When the policy is delivered 4.When the prospects requests it
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O A. OB. O C. O D. Surance policy form may not be delivered in Florida unless the form has been approved by the: Office of Financial Regulation (OFR) Office of Insurance Regulation (OIR) Department of Financial Services (DFS) Department of Insurance (DOI) Cla Whiteboa
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If an insurer receives an application for Travel Health insurance that reveals the applicant has a pre-existing medical condition, certain action may be taken. Which one (1) of the following actions would the insurer most likely NOT take? OA) The application may be rejected. OB) Policy benefits may be limited or capped. OC) An additional premium may be required. OD) The application will be referred to a "High-Risk Pool" of insurers.
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true or false ? subject :Sales Management 7. Commission is a fixed sum of the price of the product or service that salespeople earn for their selling efforts. 8. Modified re-buy is the purchase of a product or service that is currently being bought, but for important reasons the buyer is considering same vendors or products again.
1. What policy would be used to cover your friends injuries if you drive off the road in an accident? A.Your friends liability bodily insurance. B.Your friends personal injury C. The drivers "medical" policy D. The drivers liability bodily Insurance 2. Which of the following statements using key insurance terms is true? A. As your coverage limits increase your premiums decrease B. As your coverage limits increase your premiums increase. C. As your coverage limits decrease your premium increases. D. As your deductibles increase your premium increases

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