The General Code of Insurance Practice, Which Came into Effect

question 34

Multiple Choice

The General Code of Insurance Practice, which came into effect in May 2010, does not seek to:

• A)Ensure that consumers are informed about insurance products and documentation.
• B)Ensure that insurers offer improved standards of service.
• C)Provide a complaints and dispute resolution system.
• D)Regulate the ownership and control of insurance companies.

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Definitions:

Rapid Growth

A phase in which an entity (such as an economy, company, or biological organism) experiences a significantly faster than usual increase in size or numbers.

Wealthy Owning Class

A segment of society composed of individuals and families that possess a significant portion of the wealth, often exercising considerable economic and political influence.

Poor Working Class

Individuals and families who perform manual labor or low-skill jobs and live with minimal financial security.

Karl Marx

Karl Marx was a 19th-century philosopher, economist, and political theorist known for his critical analysis of capitalism and his influence on the development of communist theory.