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Which of the Following Statements About Brokers Is (Are)true

question 14

Multiple Choice

Which of the following statements about brokers is (are) true?
I.They legally represent the insured rather than the insurance company.
II.They are prohibited from being licensed as agents.


Definitions:

Carrying Costs

Expenses incurred by holding inventory over a period, including storage costs, insurance, and opportunity costs.

Credit Policy Effects

The impact of a company's credit policy on its operations, including effects on sales volume, customer relationships, and cash flow.

Cost Factor

A multiplier or rate that helps in estimating the cost of a project, task, or operation based on certain parameters or variables.

Cash Discount

A reduction in the invoice price offered to buyers as an incentive for early payment.

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