What Is the Difference Between an Insurance Broker and an Insurance

question 61

Multiple Choice

What is the difference between an insurance broker and an insurance agent?

• A) An insurance agent works exclusively for one company, while an insurance broker works for a number of insurance companies.
• B) An agent requires a commission payment after a deal is made, while a broker requires a service charge to be paid before the deal is made.
• C) An agent represents the insured, while a broker represents the company.
• D) An agent is authorized to sell insurance directly, while a broker can only mediate an insurance contract.

Discern the process for determining the balance of an account and the impact of transactions on account balances.

Understand the basic concepts of debits and credits in accounting transactions.

Identify the characteristics and normal balances of different types of accounts (assets, liabilities, equity, revenue, expenses).

Recognize the impact of transactions on stockholders' equity.

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Definitions:

Hypothermia

A medical emergency condition where the body loses heat faster than it can produce heat, causing a dangerously low body temperature.

Restlessness

A condition of being unable to relax or remain still, often due to anxiety, discomfort, or other underlying health issues.

Cool Skin

A condition where the skin's temperature feels lower than normal, possibly indicating poor circulation or shock.

Uncontrolled Shivering

Involuntary and violent shaking of the body that cannot be stopped at will, often due to cold, fever, or other medical conditions.