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24 of 90 Brok Com state Binders may Only writters All binders e Binders only

24 of 90 Brok Com state Binders may Only writters All binders e Binders only

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24 of 90 Brokers may bind risks in accordance with the terms of their Company-Broker agreements. Which one (1) of the following statements about Cover Notes or Binders is correct? Binders may be oral or written. Only written binders are legal. All binders expire automatically seven days after their effective. Binders only become effective after a premium is paid for them.
Transcribed Image Text:24 of 90 Brokers may bind risks in accordance with the terms of their Company-Broker agreements. Which one (1) of the following statements about Cover Notes or Binders is correct? Binders may be oral or written. Only written binders are legal. All binders expire automatically seven days after their effective. Binders only become effective after a premium is paid for them.
21 of 90 When an insurer pays a claim to its insured under a contract of insurance and attempts to recover the amount from a third party whom it believes is responsible for the damage, what is this called? Indemnity. Contribution. Warranty. Subrogation For 1 port
Transcribed Image Text:21 of 90 When an insurer pays a claim to its insured under a contract of insurance and attempts to recover the amount from a third party whom it believes is responsible for the damage, what is this called? Indemnity. Contribution. Warranty. Subrogation For 1 port
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