All of the Following Statements Are True About Insurance Agents

question 19

Multiple Choice

All of the following statements are true about insurance agents and agency EXCEPT

• A)the principal is never responsible for the acts of its agents.
• B)there is no presumption of an agency relationship.
• C)limitations can be placed on the powers of agents.
• D)knowledge of the agent is assumed to be knowledge of the principal.

---

Definitions:

Entrepreneurial Process

The journey of identifying a business opportunity, resources acquisition, and the management of growing the business venture.

Brain Trust

A group of experts or highly knowledgeable individuals brought together to provide advice and guidance on complex matters or strategic decisions.

Resource Acquisition

The process of obtaining the necessary resources, such as capital, materials, or human skills, needed for business operations or project initiation.

Bootstrapping

refers to starting and growing a business using one's own resources and revenue generated from the business, rather than relying on outside investment.