All of the following are true of the supplemental extended reporting period, except:
A. The insurer may cancel it after the premium has been paid by the insured
B. It is an optional extended reporting period of unlimited duration
C. It must be purchased within 60 days after the end of the policy
D. The one time premium may not exceed 200% of the annual premium for the coverage part

Question

johnsonraiah7788 johnsonraiah7788

02-01-2020
Business

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All of the following are true of the supplemental extended reporting period, except:
A. The insurer may cancel it after the premium has been paid by the insured
B. It is an optional extended reporting period of unlimited duration
C. It must be purchased within 60 days after the end of the policy
D. The one time premium may not exceed 200% of the annual premium for the coverage part

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maranathaoye maranathaoye · Answer 1 · 2020-01-06T22:45:53+01:00

Answer: A. The insurer may cancel it after the premium has been paid by the insured

Explanation: Immediately the premium has been paid, it will be impossible to cancel the Supplemental Extended Reporting Period Endorsement.

•Supplemental Extended Reporting Period is an added time after the expiration of the liability policy that permits policyholders to report a claim and get coverage, such claims will no longer be covered once the supplemental extended reporting period policy ends.