On May 14, a prospect completes an applicalion for insurance. The producer collects the initial premium and issues a conditional receipt. The insurance company determines that the prospedt is insurable and issues a standard policy on May 26. If the producer delivers the policy to the insured on June 1, the effective date of coverage is A. May 14 B. May 24 C. May 26 D. June 1
On May 14, a prospect completes an applicalion for insurance. The producer collects the initial premium and issues a conditional receipt. The insurance company determines that the prospedt is insurable and issues a standard policy on May 26. If the producer delivers the policy to the insured on June 1, the effective date of coverage is A. May 14 B. May 24 C. May 26 D. June 1
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 8E
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Question
On May 14, a prospect completes an applicalion for insurance. The producer collects the initial premium and issues a conditional receipt. The insurance company determines that the prospedt is insurable and issues a standard policy on May 26. If the producer delivers the policy to the insured on June 1, the effective date of coverage is
A. May 14
B. May 24
C. May 26
D. June 1
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