Chapter 8 - Alterations and Renewals

Question 1

Does the insurer have to offer a renewal legally?

Answer 1

No

Question 2

How many days will an insurer normally give before canceling?

Answer 2

30 days, but could give 7,10,14

Question 3

When does the cancelation coundown start when an insurer cancels ?

Answer 3

The date the letter is issued

Question 4

what happens to the premium when a policy is canceled by the insurer?

Answer 4

Normally returned on a prorata basis

Question 5

If the insured cancels - what is the most common refund basisi?

Answer 5

Short rate or pro ratra

Question 6

When EL is canceled by the insured, when is the request effective?

Answer 6

What the EL cert is returned by the policy holder

Question 7

Who does a cooling off period apply to?

Answer 7

Consumers

Question 8

If you are not sure if a customer is a consumer or commercial customer - how should you treat them?

Answer 8

Consumer

Question 9

If a client is acting as both a consumer and a commercial customer in relation to a contract of insurance - how should you treat them?

Answer 9

As a commercial customer

Question 10

The General Building Cost Index is issued by who?

Answer 10

Royal Institution of Chartered Surveyors (RICS).