Final answer:
Procedures to follow when initial premium is not provided by the applicant.
Explanation:
When a producer does not receive the initial premium with the application, there are specific measures that can be taken:
- Maintain the application until the premium is paid: The producer can hold onto the application until the premium payment is received.
- Send the application to the insurer after providing the applicant with a mandatory receipt: The producer can forward the application to the insurer after issuing a necessary receipt to the applicant.
- Forward the application to the insurer without the initial premium: The producer can choose to submit the application to the insurer even if the initial premium is missing.
Learn more about Insurance policies here:
https://brainly.com/question/46738125