Answer to Question #114652 in Other for Maryam

Question

An agent has recommended a homeowner policy to one of his clients who wanted to protect his house. The insurance agent has submitted the application to the insurance company on behalf of his client. However, the agent was unaware that the client has neglected to report that the home is being used as a chemical factory.
Answer the following a and b parts separately and explain fully.
a) If you are the underwriter on this risk and it comes to your attention that the insured producing
chemicals in the house, what issues should you consider when you discover the actual facts about
the use of the insured home?
b) A kitchen fire occurs, before the insurer discovers the actual use of the home. As an adjuster assigned to this claim, when you come to know that the insured has failed to disclose a material fact to the insurer about the use of the home, what should you do to protect the insurer’s interest? What
are the consequences of not taking the proper steps to protect the insurer’s interest?

Answer 1

Dear Maryam , your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order