Which of the Following Statements Is True About Agents and Brokers

question 46

Multiple Choice

Which of the following statements is true about agents and brokers?

• A)Both agents and brokers legally represent the company.
• B)Both agents and brokers represent the buyer.
• C)Both agents and brokers are compensated by the insurer.
• D)A broker legally represents the company, whereas an agent represents the buyer.
• E)Both agents and brokers are compensated by the insured.

Recognize the influence of work processes on delivering value to customers.

Understand the cost implications and financial planning considerations for replacing homemakers' services.

Demonstrate knowledge of the steps involved in life insurance planning, including requirement estimation and objective definition.

Identify and differentiate between different types of life insurance policies and companies.

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Definitions:

Exponential Smoothing Model

An approach to predict future values in a univariate data set by assigning diminishing exponential weights to older data points.

Root Mean Square Error

A measure of the differences between values predicted by a model or an estimator and the values observed, serving as a standard way to measure the error of a model.

Smoothing Constant

A parameter used in exponential smoothing methods to control the weight of past observations in forecasting.

Regression Method

A statistical approach used to model and analyze the relationship between a dependent and one or more independent variables.