Inflation is:
a. an increase in the purchasing power of money
b. a decrease in the quality of goods and services
c. an increase in the prices of goods and services not offset by increases in the quality of those goods and services
d. a measure of the money supply
Ans: c. an increase in the prices of goods and services not offset by increases in the quality of those goods and services
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According to insurance law, an insurance agent is a person who
A) receives a fee as an independent contractor to investigate and negotiate the settlement of claims arising under insurance contracts B) solicits, negotiates, procures or effects insurance or annuity contracts on behalf of an insurer C) is compensated as an independent contractor to procure insurance on behalf of another person, but not on behalf of an insurer or agent D) receives a fee to advise insurance applicants on the merits and disadvantages of insurance policies"
Which of the following statements is FALSE?
A) a contract for the sale of a house must be in writing to be valid B) most contracts must be in writing to be valid C) a mortgage on a condominium must be in writing to be valid D) it is always a good idea to put a contract in writing even it is not a legal requirement E) on-line contracts are legally valid contracts