Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Question 12

Taking receipt of premiums and holding them for the insurance company is an example of:

A. Commingling
B. Misappropriation
C. Theft
D. Fiduciary responsibility

Submit

Sagot :

GinnyAnswer

Final answer:

Fiduciary responsibility involves managing others' money in a trustworthy manner, such as when an insurance agent holds premiums for the company.


Explanation:

Fiduciary responsibility is the correct term for taking receipt of premiums and holding them for the insurance company. It pertains to the duty to manage someone else's money in a trustworthy manner.

For example, when an insurance agent collects premiums from policyholders, they are responsible for safeguarding these funds and ensuring they are appropriately transferred to the insurance company when due.

Understanding and upholding fiduciary responsibility is crucial in the financial services industry to maintain trust and compliance.


Learn more about Fiduciary responsibility in the financial services industry here:

https://brainly.com/question/51250454


Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.