Which of the Following Statements About Insurance Brokers Is (Are)

question 28

Multiple Choice

Which of the following statements about insurance brokers is (are) true?

• A) They legally represent the insurance company.
• B) They have the legal power to bind the insurance company and can provide coverage for their insureds immediately.
• C) They have the right to approach a variety of insurers when searching for a particular product or coverage.
• D) Both A and B are true.

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Definitions:

Reshoring

The practice of bringing manufacturing and production back to a company's original country from overseas to improve control and reduce costs.

Global Sourcing

The practice of sourcing goods and services from the global market, exploiting global efficiencies in the cost and quality of products and services.

Buy America

A set of legal requirements in the United States that mandates the use of American-made products in various construction projects financed by federal funds.

Energy Costs

Expenses associated with the consumption of energy, including electricity, gas, and other fuels, crucial for the operation of businesses and households.