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The Regulations under the RIB Act require an insurance broker to provide evidence that insurance has been placed on behalf of a client. How must this be done and within what time period?

The Regulations under the RIB Act require an insurance broker to provide evidence that insurance has been placed on behalf of a client. How must this be done and within what time period?

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter16: Information, Risk, And Insurance
Section: Chapter Questions
Problem 10RQ: In an insurance system, would you expect each person to receive in benefits pretty much what they...
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30 of 90 The Regulations under the RIB Act require an insurance broker to provide evidence that insurance has been placed on behalf of a client. How must this be done and within what time period? By providing a policy of insurance to the member of the public for whom he/she acts within thirty (30) days after placing the insurance. By providing the member of the public for whom he/she acts with a receipt for the premium or portion thereof which has been paid and which indicates the date the policy is effective. By providing a policy of insurance to the member of the public for whom he/she acts within five (5) days of receiving it from the insurer. By providing a policy or certificate of coverage to the member of the public for whom he/she acts within twenty-one (21) days after the placing of the insurance
Transcribed Image Text:30 of 90 The Regulations under the RIB Act require an insurance broker to provide evidence that insurance has been placed on behalf of a client. How must this be done and within what time period? By providing a policy of insurance to the member of the public for whom he/she acts within thirty (30) days after placing the insurance. By providing the member of the public for whom he/she acts with a receipt for the premium or portion thereof which has been paid and which indicates the date the policy is effective. By providing a policy of insurance to the member of the public for whom he/she acts within five (5) days of receiving it from the insurer. By providing a policy or certificate of coverage to the member of the public for whom he/she acts within twenty-one (21) days after the placing of the insurance
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