Endorsements or modifications to a contract
A) must be signed by the insured's agent
B) must be in writing and agreed to by both the insurer and the policyowner
C) require the signature of an executive officer of the insurance agency
D) are requested by the agent/producer
Ans: B) must be in writing and agreed to by both the insurer and the policyowner
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On January 1, 2012, Money Company's balance in retained earnings was $10,000,000. At the end of the year, December 31, 2012, the balance in retained earnings was $9,400,000. During 2012, the company earned net income of $440,000. How much were dividends?
A) $1,040,000 B) $1,000,000 C) $ 600,000 D) $ 440,000