What is vertical conflict? Illustrate your answer with an example
What will be an ideal response?
Vertical conflict occurs between different levels of the same channel; an example would be conflict created between a manufacturer and its dealers when it decides to open an online e-commerce Web site for the same product. Student answers will vary.
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Which of the following differentiates a variable life product from a conventional life product?
A) The fact that the product has a separate account which is distinct from the general account B) The lack of an assignment provision C) The fact that the product was purchased through a direct response mailing D) The fact that performance is guaranteed to provide a stable rate of returns"
Which of the following statements is (are) true regarding insurance agents and insurance brokers?
I. A property and liability insurance agent has the authority to bind the insurer for certain types of coverage. II. A licensed broker who is not a licensed agent has the legal authority to bind an insurer. A) I only B) II only C) both I and II D) neither I nor II