What is the definition of a fiduciary?

A) A person in a position of trust and confidence who handles the affairs and funds of others.

B) A person who determines policy rates at an insurance company.

C) An institution that handles trust accounts for the wealthy.

D) An insurance agent who sells policies worth more than $1 million in death benefits.

Answer: A

Insurance Company Organization

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A domestic insurer issuing variable contracts must establish one or more
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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
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How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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Which of these would be the best example of a limited pay life insurance policy?
All of the following entities regulate variable life policies EXCEPT
The pro rata liability clause is designed to protect the principle of
When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
All of the following are TRUE regarding the convertibility option under a term life insurance policy EXCEPT
All of the following statements concerning dividends are true EXCEPT:
All of the following are true regarding rebates EXCEPT
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All of the following are elements of an insurance policy EXCEPT
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What is the purpose of establishing the target premium for a universal life policy?
Which of the following is NOT true regarding the accumulation period of an annuity?
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