Multiple Choice
Identify
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1.
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Which of the following has the greatest fiduciary
responsibility to the insurer?
a. | captive agents | b. | independent agents | c. | insurance
brokers | d. | all of the above have equal responsibilities to the
insurer |
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2.
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A client can reasonably expect insurance agents
to:
a. | perform due diligence of the products an agent
offers | b. | submit applications and claim forms to the insurer in a
timely manner | c. | perform due
diliegence of the companies an agent represents | d. | all of the
above |
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3.
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An insurance broker represents both the insurance purchaser who relies on his or
her advice and insurers who pay the broker’s commission. This conflict of interest is the
result of the broker’s:
a. | utmost loyalty | b. | good faith | c. | dual
agency | d. | fiduciary responsibility |
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4.
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Which of the following has the greatest fiduciary
responsibility to insurance purchasers?
a. | captive agents | b. | insurance brokers | c. | independent
agents | d. | all of the above have equal responsibilities to the
insurer |
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5.
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Which of the following fiduciary responsibilities
does an appointed agent owe the carrier?
a. | duty to disclose any conflicts of
interest | b. | duty to solicit profitable business for the
carrier | c. | duty to remit premium collections in a timely
manner | d. | all of the above |
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