Aadip runs a personal concierge service business that caters to career-oriented couples who dont have time to
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Question:
Aadip runs a personal concierge service business that caters to career-oriented couples who don’t have time to handle household duties and errands. His work does not fit into any neatly categorized occupation or class. While his business and income are growing, he is concerned about the premium costs of individual disability insurance. Aadip wants to obtain the maximum benefit while keeping premiums lower. After considering Aadip's priorities, you recommend a policy with a somewhat longer waiting period than is standard and when you present it to Aadip, he expresses dissatisfaction and tells you that the policy is not acceptable. Which of the following is the correct action that should be taken? |
The policy recommended is the best option for Aadip and it is, therefore, a “take it or leave it” proposition. |
The policy should be revised so that the actual amount of the benefit is reduced, the cost of the premium is managed, and the waiting period is shortened. |
3.
The policy should be revised so that it offers the coverage that Aadip needs as closely as possible, but manages the premium by shortening the benefit period. |
4.
The policy recommended should be returned to the underwriting department so that Aadip's policy can be rated and the premiums can be lowered. |
Related Book For
Thermodynamics An Engineering Approach
ISBN: 978-0073398174
8th edition
Authors: Yunus A. Cengel, Michael A. Boles
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