Which of the Following Statements Is True Regarding Independent Insurance

question 19

Multiple Choice

Which of the following statements is true regarding independent insurance agents in property and liability insurance?

• A)The insurer owns the expiration rights,not the independent agent.
• B)Independent agents are only permitted to represent one insurance company.
• C)Independent agents are paid the same commission rate on new and renewal business.
• D)Independent agents are not permitted to sell life and health insurance.

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Definitions:

Rule Of 72s

A shortcut to estimate the number of years required to double the invested money at a given annual rate of return.

Compounds Interest Annually

The calculation of interest on the initial principal, which also includes all accumulated interest from previous periods on a loan or deposit, done once a year.

Checking Account

A bank account that allows for the deposit and withdrawal of funds and is typically used for day-to-day transactions.

Pays Bills Online

The process of using internet banking or payment platforms to settle invoices or bills.