Which of the Following Statements Concerning the Texas Department of Insurance

question 56

Multiple Choice

Which of the following statements concerning the Texas Department of Insurance is INCORRECT?

• A) It is a single-member commission.
• B) The department's commissioner is appointed for a two-year term.
• C) The department makes sure that all Texans are covered by health insurance.
• D) It regulates the insurance market in Texas.
• E) The current department has been in effect since 1993.

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded, creating a balance without excess supply or demand.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where market supply and demand are balanced.

Pepsi

A carbonated soft drink manufactured by PepsiCo, considered one of the most recognizable beverage brands worldwide.

Coke

A carbonated soft drink that has become a globally recognized brand, or alternatively, a fuel derived from coal.