Which Statement Is True of the Insurance Commission of the State

question 5

Multiple Choice

Which statement is true of the insurance commission of the state?

• A) To maintain all complaints confidential every year.
• B) To make sure that all organizations authorized to transact insurance including agents and brokers are in compliance with the insurance laws of that state.
• C) To bring insurance claim submissions to court when there are disputes about payments.
• D) To monitor activities of policyholders and to ensure the interests of insurance companies.

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Definitions:

Return Of Goods

The process by which customers return purchased goods to the seller due to defects, dissatisfaction, or other reasons, affecting inventory and sales revenue.

Inventory

The complete quantity of products and materials in a company's possession intended for future sale or manufacturing.

Cost Of Goods Sold

An accounting term that represents the direct expenses related to the production of goods sold by a company.

Statement Of Income

A financial report that shows a company’s revenues, expenses, and profits over a specific period, commonly referred to as an income statement or profit and loss statement.