Which types of funds should be included in the client money calculation?
A: Earned premium only
B: All banked funds plus any payments received awaiting banking
C: All banked funds
D: Cleared funds only
2D. Cleared funds only should be included in the client money calculation.
A: A promise by the insurer that cover will continue as long as the premium is paid by the insured B: A promise by the insured that the items of value will be stored in a locked safe overnight
C: The process by which criminals hide the true origin and ownership of money.
B: Days of grace are not an extension of cover, but rather a specified number of days (15 or 30 days) into the next period of insurance when the insured can still renew cover.