Which statement concerning towing and labor coverage under the PAP is (are) true?
I. There's no coverage for towing if the auto breaks down—towing is only covered if the auto needs to be towed after a collision has occurred.
II. Towing and labor coverage pays for repairs at a service station or garage.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: D
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Which of the following situations suggests the acceptance of an investment proposal?
A) The present value of the net cash inflows exceeds the initial investment. B) The IRR is lower than the hurdle rate. C) The cash inflows are less than the initial investment. D) The investment will have a residual value.
Which of the following statements about the process of replacement is incorrect?
A. The replacing insurer must notify the original insurer within 3 days of the potential replacement. B. The agent and the applicant must sign a statement as to whether replacement will be involved in the transaction. C. A copy of the signed replacement disclosure statement must be left with the applicant. D. Copies of any written illustration or comparisons used in the process of making the replacement do not need to be included with the submitted application.