Which of the following statements is TRUE regarding an Agent's Report during the policy application process?

A. It is a required element of the contract.
B. It is only used when the initial premium is not paid with the application.
C. It becomes part of the entire contract after the policy is issued.
D. It provides the agent's personal observations concerning the proposed insured.

Question

16-07-2024
Business

Answered

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Which of the following statements is TRUE regarding an Agent's Report during the policy application process?

A. It is a required element of the contract.
B. It is only used when the initial premium is not paid with the application.
C. It becomes part of the entire contract after the policy is issued.
D. It provides the agent's personal observations concerning the proposed insured.

Sagot :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-16T16:27:58-04:00

Final answer:

The Agent's Report is vital during the policy application process, offering insights into the proposed insured and becoming part of the contract after issuance.

Explanation:

An Agent's Report during the policy application process is a crucial document that provides the agent's personal observations concerning the proposed insured. It plays a significant role as it helps insurers assess the risk associated with insuring the individual. After the policy is issued, this report becomes a part of the entire contract.

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