Which of the following would be considered an underwriting duty of an agent?
A) Requesting medical information from the Medical Information Bureau (MIB)
B) Completing all applications and collecting initial premiums
C) Accepting or declining an application
D) Assigning a risk classification
Ans: B) Completing all applications and collecting initial premiums
You might also like to view...
Prepare an income statement and a statement of retained earnings for the month of June. Also, prepare a balance sheet at June 30
The transactions of Magna Designer Corporation for the first month of their operations are as follows: • On June 1, 2017, Magna Designer Corporation received $25,000 cash from its stockholders and gave common stock to the stockholders. • The company rendered services to three clients on account with total revenues earned of $9,000. • It then incurred an advertising expense on four different websites and promised to pay a total of $1,200 at a later date. • On June 13, Magna Designers purchased $1,000 worth of office supplies for cash. (The supplies are not used by June 30 ) • On June 22, it received $2,000 on account from a client and deposited it into the business account. • On June 23, it incurred $1,300 for a legal expense and paid cash. • On June 30, Magna Designers made a payment of $500 to one of the websites that it owed for advertising provided earlier in the month. • No dividends were paid during the month. What will be an ideal response
Which of the following statements is true regarding scenario planning?
A) This method involves extrapolating historical sales data into the future. B) It can be used only when a lot of data is available for analysis. C) This method involves creating alternative scenarios of the future. D) It is useful when many nonquantifiable factors affect outcomes in the market.