Under the misstatement of age provision in a health insurance policy, what can an insurer do if it discovers that an insured gave a wrong age at the time of application?

A) Increase the premium
B) Assess a penalty
C) Adjust the benefits
D) Cancel the policy

Ans: C) Adjust the benefits

Business

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Lonely Guy Repair Service recently performed repair services for a customer that totaled $400. Somehow the bill was lost and the company accountant was trying to recreate the bill from memory. This is what was remembered:

Total bill $600 Labor profit margin $10 Materials profit margin 20% Total labor charges $390 Cost of materials used $120 Total hourly cost $22.50 How many hours were billed on the job? a) 12.0 b) 18.5 c) 17.3 d) 19.5

Business

Which of the following is true of service marketers?

A) They can always predict the consistency of service quality. B) They can typically offer customers a free trial of the service. C) They must identify ways of illustrating the benefits their service will provide. D) They typically market a service the same way a product would be marketed. E) They have no way to quantitatively measure service quality.

Business