With surplus-share treaty reinsurance, the proportions of premiums and losses shared by the ceding company and the reinsurer depend on the amount of coverage written.

A licensed broker is liable to TREC, the public, and the broker's clients for any conduct engaged in under this chapter by the broker or by a salesperson associated with or acting for the broker.

a. true b. false

An American tourist purchases a leather jacket while in Italy. Which of the following statements is true?

A) The leather purchase would be considered an import for the U.S. BOP. B) This transaction would be properly accounted for in the Current Account of the U.S. BOP. C) The leather purchase is considered an import of a good, and thus, considered part of the balance of trade as well. D) All of these statements are true.