Agents have certain responsibilities when dealing with applicants and insureds. All of the following are agent responsibilities EXCEPT:

A) conducting a needs analysis.

B) explaining coverage.

C) leaving a Notice to the Applicant with the insured.

D) collecting the commission from the applicant.

Answer: D

Insurance Company Organization

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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In an insurance contract, the applicant's "consideration" is the
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