Mark has been an underwriter for 20 years. An application he recently reviewed looked odd to him. The building value in the application seemed far too high, and Mark suspected the applicant might be planning to destroy the property after it is insured. Mark hired an outside firm to investigate the applicant and to prepare a report about the applicant. This report is called a(n)
A) agent's report.
B) binder.
C) physical inspection.
D) inspection report.

Question

Quizplus · Accepted Answer

Mark hired an outside firm to investigate the applicant, which resulted in a report about the applicant. This type of report is called an inspection report. Agent's report is a report provided by the insurance agent to the underwriter regarding the applicant. A binder is a temporary insurance agreement issued before the policy is issued. A physical inspection refers to an inspection of the property by an inspector to assess its condition.

Mark Has Been an Underwriter for 20 Years