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.
A
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The owner chooses the annual mode to pay their life insurance premium. For the year, they will pay _________________
A. More as compared to the other payment modes. B. The same as compared to the other payment modes. C. Less as compared to the other payment modes. D. None of the above
If an owner takes his property off the market for a definite period of time in exchange for some consideration, but he grants an individual the right to purchase the property within that period for a stated price, this is called a(n)
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