An insured gives a premium to a producer with the expectation that the producer will act with the utmost good faith in forwarding it to the insurer. In this case, the producer is said to have what kind of responsibility to or relationship with the insured?
A) Legally binding
B) Fiduciary
C) Inherent trust
D) Broker trust"
Ans: B) Fiduciary
Business
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Book value is the original cost of an asset plus the accumulated depreciation
Indicate whether the statement is true or false.
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________ tends to rely on formal power and authority and to focus on administration and decision making
A) Administration B) Management C) Leadership D) Supervision
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