A Gratuitous Agent Is

question 30

Multiple Choice

A gratuitous agent is:

• A)an agent who is not known to the principal.
• B)an agent who is not paid by the principal.
• C)required to exercise a higher standard of care than a professional agent.
• D)an agent who is not an employee of the principal.

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Definitions:

SBA Express Program

A loan program offered by the U.S. Small Business Administration (SBA) that provides quicker financing solutions to small businesses with simplified paperwork.

Policy Loans

A loan made to a business by an insurance company, using the business’s insurance policy as collateral.

Cash Surrender Value

The amount of money an insurance policyholder can receive if they choose to terminate a policy before its maturity date.

Cash Surrender Value

Cash surrender value is the amount an insurance policyholder can receive if they decide to terminate the policy before its maturity or the insured event occurs.