Question

What is the purpose of obtaining consent for the revised rates from the customer?

a.

To generate a new quote

b.

To charge extra premium

c.

To override the initial quote

d.

To evaluate the underwriting decision

Answer: (b).To charge extra premium Explanation:The purpose of obtaining consent for the revised rates from the customer is to charge extra premium to cover the extra risk that the client brings to the portfolio.

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Q. What is the purpose of obtaining consent for the revised rates from the customer?

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