All of the Following Statements About the Independent Agency System

question 1

Multiple Choice

All of the following statements about the independent agency system are true EXCEPT

• A)Agents are often authorized to adjust small claims.
• B)Agents are compensated on the basis of commissions.
• C)The insurer rather than the agent owns the renewal rights to the business.
• D)The agent is an independent business person who represents several insurers.

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Definitions:

Plasma Membrane

The lipid bilayer that encloses the cytoplasm of a cell, regulating the entry and exit of substances in and out of the cell.

Polyspermy

The fertilization of an egg by more than one sperm, which is normally prevented in many species to ensure proper development.

Inner Cell Mass

Group of cells at one end of the blastocyst, part of which forms the body of the embryo.

Blastocyst

A blastocyst is an early stage embryo consisting of 50-150 cells in a fluid-filled sphere, instrumental in the implantation process of pregnancy.