If a third party is led to reasonably believe that an agent is acting within the scope of his/her authority, even though the agent is exceeding his/her authority, the principal may still be bound by the agent's actions
In this case, the agent has bound the principal by
A) implied authority.
B) apparent authority.
C) incidental authority.
D) express authority.
Answer: B
Business
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Gene, age 20, purchased a $50,000 life insurance policy. The premium at issue is lower than normal whole life rates, and it increases each year for the first 5 years of the policy period. After that, the premium levels off. What type of policy does Gene own?
A) Limited-pay at age 20 whole life B) Minimum deposit whole life C) Modified whole life D) Graded premium whole life"
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What is a reference group? How do reference groups enhance a firm's marketing efforts?
What will be an ideal response?
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