The responsibility of making certain that an application for insurance is filled out completely, correctly, and to the best of his or her knowledge is the responsibility of the producer.
Insurance is the divergence of risk, it is a way of transferring the risk which mitigates the negative impact a person or organization may need to incur.
There are several types of insurance for example life insurance, health insurance, vehicle insurance, accidental insurance and more.
In each of the insurance type the insurer pays an amount as a initial payment and then continues to pay monthly, quarterly or annually rentals to the insurance company. The insurance company in return makes the loss good if a certain situation occurs.
The producer is the person who is responsible for the application to be completed correctly.
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