Which of the Following Agency Relationships Is Formed When a Principal

question 33

Multiple Choice

Which of the following agency relationships is formed when a principal leads a third party to believe that a certain person is acting as an agent for the principal?

• A) expressed agency
• B) agency by implied authority
• C) agency through ratification
• D) agency by estoppel

Understand different types of personal risks and their implications.

Identify and calculate the impact of insurance deductibles on claims.

Recognize what personal property is covered under homeowner's insurance policies.

Distinguish between speculative, avoided, assumed, pure, and reduced risks.

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Definitions:

Needs Delayed

The concept of postponing or deferring one's immediate needs or desires for a later time.

Toilet Training

The process of teaching a young child to control the bladder and bowels and use the toilet for elimination.

Anal Stage

The second stage in Freud's psychosexual development theory, occurring roughly between the ages of 18 months and three years, where the focus of pleasure is on the anus.

Psychosexual Stages

The stages of psychological development theorized by Freud, through which a child progresses from infancy to adulthood, each characterized by a different focus of libido (sexual energy).