Subagents Are Agents of the General Agent Rather Than of the Insurer

question 21

True/False

Subagents are agents of the general agent rather than of the insurer.

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Definitions:

Production Equipment

Machines and tools used in the manufacturing process to produce goods.

Liability Insurance

A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.

Rental Contract

A written or verbal agreement between a lessor and lessee that stipulates the terms and conditions under which a property, vehicle, or piece of equipment is rented.

Prepaid Insurance

An asset account representing insurance payments made in advance for coverage extending beyond the current accounting period.