A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). - ANSWER-"Submission."
1) Assists to identify l...
A proposal for insurance that's presented to the underwriter for consideration. It can
include an application, and additional verbal and written information (i.e., previous policy
premium, loss details and history, financial statements and photos). -
ANSWER-"Submission."
1) Assists to identify loss exposures;
2) Helps eliminate purchase of coverage that isn't needed;
3) Assists in development of underwriting information the insurer needs. - ANSWER-
Three purposes of survey forms.
1) Alerts broker to possible loss exposures;
2) Ensures needed coverages are not overlooked;
2) Helps reduce potential for an E&O claim. - ANSWER-Three advantages of using a
property checklist with clients.
Frame. - ANSWER-The type of commercial building construction that's likely to produce
the highest insurance rate.
Fire resistive. - ANSWER-The type of commercial building construction that's likely to
produce the lowest insurance rate.
25 years or older. - ANSWER-The age a building has to be for an insurer to request
information about recent renovations or upgrading.
1) Roof;
2) Wiring;
3) Over-current protection;
4) Plumbing;
5) Heating. - ANSWER-The five kinds of building upgrades to a building that are likely of
most interest to insurers.
1) Heating;
2) Electrical services;
3) Detachment;
4) Protection;
5) Occupancy. - ANSWER-Five hazards common to most commercial property risks.
Because the proximity to other commercial buildings can increase the risk. - ANSWER-
Why the distance or detachment from other commercial risks is an important rating
consideration.
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