When a producer takes possession of insured's policies, the receipt for the policies MUST include all of the following information EXCEPT

• A. The date the material is to be returned
• B. The policy numbers
• C. The names of insured
• D. The time and date of receipt

Answer: (A)

When a producer takes possession of insured policies, the receipt serves as a proof of custody and must clearly identify exactly which policies are being held and by whom and when possession started. The necessary elements are policy numbers (to pinpoint the exact policies), names of insured (to verify who the policies belong to), and the time and date of receipt (to establish the custody timeline and accountability).

The date the material is to be returned is not required on the receipt. Return timing can vary and isn’t needed to identify or track the policies or document possession. Including a return date could create rigidity if plans change.