WorksheetsPop Quiz week 2
Total questions: 10
Worksheet time: 5mins
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
