Recording An unaffiliated agent, excluding all previous sales commissions, MAY only accept compensation from: O A. captive insurance agents O B. admitted insurance companies O C independent insurance agencies O D. fee-based clients
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- An anti-modification clause: O a) prevents the terms of a contract from being changed by repeated waivers of breaches. O b) prevents evidence of prior or contemporaneous agreements which conflict or add to the terms of a written contract. O c) specifies the amount of damages in the event of a contractual breach and states that such damages cannot be modified or changed. O d) is necessary in a writing to satisfy the statute of frauds.A listing broker presents an offer from a customer that meets every term asked for in the listing agreement. The seller decides not to sell. Which of the following statements is most likely true? The broker could collect a commission The broker could sue for specific performance The buyer could sue for specific performance The seller will not have to pay a commissionAnticipatory repudiation can occur in which of the following ways? I. A statement by one party of its intent not to perform. II. An action by the promisor that rendered performance impossible. III. Knowledge by the parties that one party may be unable to perform despite both parties' efforts. IV. After a contract has been discharged. Multiple Choice II and III. I and II. I and III. III and IV. I, II, and III.
- Which of the following could benefit from conciliation? Merchants who register at the commercial register Anyone in the society Non-merchants O Merchants who do not register at the commercial registerAn unaffiliated agent, excluding all previous sales commissions, MAY only accept compensation from: OA. captive insurance agents admitted insurance companies independent insurance agencies fee-based clients B. O C D.an insurance agent is permitted to replace an existing policy only if the agent a. guarantees the dividends on the new policy b. complies with the replacement regulations c. acts strictly in the best interest of the insurer d. replaces a policy that was issued by the agent's own company
- In a hostile takeover, what does the term "going private" reference? Multiple Choice A leveraged buyout A poison pill An initial public offering A confiscatory taking The non-disclosure of information related to the corporate takeover A _____ is a partnership agreement in which company members hold transferable shares, while all the goods of the company are held in the names of the partners. Multiple Choice joint venture limited liability partnership strategic alliance professional limited liability company joint stock company2. Punitive damages are: a. generally not available in tort cases. b. often awarded in cases of contract interference. c. only available in negligence actions. d. None of the aboveWhich or the following is false regarding a corporation. They can be publicly or privately owned The corporation is not liable for the personal obligations of its owners It has many of the legal powers that people have The owners of the corporation have some liability for the debts of the corporation
- Wilma offers to sell her car to Betty but Wilma dies before Betty accepts the offer. Wilma’s death a. shortened the time of the offer but did not terminate it. b. did not affect the offer. c. extended the time of the offer. d. terminated the offer.Which of the following activities may result in the revocation or suspension of an agent's licen O A. Not understanding the code of ethics Remitting premiums to the insurer Representing a foreign insurance company Misrepresenting the financial condition of an insurance company O B. O C. O D. Recording4. Discuss Fair information practice principles and describe ways of protecting intellectual properties.