Changes in Existing Policies That May Result in Additional Premiums

question 387

Multiple Choice

Changes in existing policies that may result in additional premiums or return premiums, such as increases or decreases in coverage limits, in:

• A) Endorsement
• B) Audit premiums
• C) Change plan
• D) Policyholder dividends

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Definitions:

Warehouse Shipment

The process of goods being shipped out from a warehouse to the destination specified by the order or client.

Reorders

refers to the process of placing additional orders for goods or services that a customer or business has previously purchased or used.

Supplier-Managed Inventory

A supply chain arrangement where the supplier assumes responsibility for managing inventory levels at the customer's premises, based on agreed parameters.

Inventory-Management System

A tool or software used by businesses to track stock levels, orders, sales, and deliveries to ensure the efficient management of inventory.