Pop Quiz week 2

This policy was cancelled by the insured's request. How much is the unearned premium?

• $168.00

• $16.00

• $83

• $6.00

This policy was cancelled by insured's request. What does the amount circled in blue represent?

• The amount the customer owes us

• A refund due to the customer

• The short rate penalty

• The unearned premium

What is the short rate amount charged on this policy?

• $16.80

• $83.45

• $168.00

• $0

This policy was cancelled by the insured's request. On what date did coverage end?

• 3/15

• 3/17

• 3/03

• 2/01

Which cancellation method was used to cancel this policy?

• Short rate cancellation

• Pro-rate cancellation

• Flat cancellation

• The policy is not cancelled

What does the amount circled in this picture represent?

• The portion of the premium not charged due to a lapse in coverage

• Short-rate penalty

• Reinstatement fee

• policy fee

Is the policy fee in this picture fully earned or spread?

• Fully earned

• Spread

This policy was cancelled by insured's request. What refund amount is owed to the customer?

• $11.83

• $37.70

• $76.63

• $47.10

Generally speaking which of the following is true regarding Short Rate?

• This is charged as long as the customer has an outstanding balance after cancellation

• Once the customer has a credit after cancellation we will try to charge up to 10% of the unearned premium

• Once the customer cancels the policy we will send them a bill for the short rate penalty

• A customer cannot cancel their policy without approval

This policy was cancelled on 3/6 due to non-payment. If the customer does not wish to continue with the policy, how much should be collected?

• $288.12

• $2626.12

• $340.22

• $222.10