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
Question 2
Big Life Insurance Company purchased Regional Bank. Regional Bank has 27 branches in four states.
Big Life Insurance Company required one employee at each bank branch to become a licensed life insurance agent and to sell Big Life Insurance Company annuities and life insurance products. This distribution channel is an example of the
A) career agent distribution system.
B) direct response distribution system.
C) financial institution distribution system.
D) worksite marketing distribution system.
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