- lead to unacceptably high loss ratios
- cause loss of premium income
- tarnish the image/ reputation of the producer
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Business sense to discourage fraud
, - applicant is deeply in dept
- trend of decreasing sales & profits is established
- prior bankruptcy
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Financial Red Flags
consumer expect more when they are more educated
also how is the environment of the industry changing for that industry (competition)
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Environment
- economic downturn in neighbourhood/ class of business
-major personal changes (divorce, job loss)
-policy has been cancelled several times for non-payment
- # of claims higher than normal
-incr. in limits requested
-ins. taken out on items that didn't require it before
Give this one a try later!
Indicators on Renewal
- cause loss of premium income
- tarnish the image/ reputation of the producer
Give this one a try later!
Business sense to discourage fraud
, - applicant is deeply in dept
- trend of decreasing sales & profits is established
- prior bankruptcy
Give this one a try later!
Financial Red Flags
consumer expect more when they are more educated
also how is the environment of the industry changing for that industry (competition)
Give this one a try later!
Environment
- economic downturn in neighbourhood/ class of business
-major personal changes (divorce, job loss)
-policy has been cancelled several times for non-payment
- # of claims higher than normal
-incr. in limits requested
-ins. taken out on items that didn't require it before
Give this one a try later!
Indicators on Renewal
