All of the following statements about agents are true, except:
A. Independent agents can be appointed by multiple insurers.
B. If an agent submits business to an insurer that the agent is not appointed with, the insurer can submit a notice of appointment within 14 days to validate the relationship.
C. Exclusive agents work for themselves.
D. Agents need to complete 4 hours of ethics continuing education every license renewal as a part of their regular CE hours.
Answer: C. Exclusive agents work for themselves.
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When is a duty to disclose fraud to parties other than the entity's senior management and its audit committee most likely to exist?
a. When the amount is material b. When the fraud results from misappropriation of assets rather than fraudulent financial reporting c. In response to inquires from a successors auditor d. When a line manager rather than a lower-level employee commits the fraudulent acts
When faced with seasonal demand, a firm should use a combination of pricing (to manage demand) and production and inventory (to manage supply) to improve profitability
Indicate whether the statement is true or false.