Homework Help is Here – Start Your Trial Now!
Business
Business Law
help

help

icon
Related questions
Question

help

Your insured opens a welding shop in his/her private garage and calls you to ask if it affects his/her Homeowners policy. What should be your reply? O A) It does not affect the policy as the garage is included in the property covered. OB) Call back in three months. If business is good you will arrange new policies. OC) You must advise the insurer and arrange separate cover immediately. OD) You will make a note in the file to re-issue the policy when next due to renew.
Transcribed Image Text:Your insured opens a welding shop in his/her private garage and calls you to ask if it affects his/her Homeowners policy. What should be your reply? O A) It does not affect the policy as the garage is included in the property covered. OB) Call back in three months. If business is good you will arrange new policies. OC) You must advise the insurer and arrange separate cover immediately. OD) You will make a note in the file to re-issue the policy when next due to renew.
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? OA) You can only allow a five percent (5%) discount because of your overhead and expenses. OB) You will pay the builder a flat $10.00 fee for each house, but it is contrary to RIBO Regulations to discount the premium. OC) You refuse to pay the builder anything, since it would contravene RIBO Regulations. OD) You offer the builder a 20% premium refund for those houses that have no claims while under construction.
Transcribed Image Text: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? OA) You can only allow a five percent (5%) discount because of your overhead and expenses. OB) You will pay the builder a flat $10.00 fee for each house, but it is contrary to RIBO Regulations to discount the premium. OC) You refuse to pay the builder anything, since it would contravene RIBO Regulations. OD) You offer the builder a 20% premium refund for those houses that have no claims while under construction.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer