With respect to a producer's fiduciary capacity, which of the following is true?

A. The payment of premiums to the producer by the insured is not the same as giving the money directly to the insurer
B. For knowingly misappropriating funds, the charge is a Class A misdemeanor for the first offense, and a felony for subsequent offenses, if $150 or less per offense
C. The producer is responsible to the insured for any return of premium
D. A producer is prohibited from adding a late payment charge to overdue balances on open accounts

Question

12-12-2022
Health

Answered

With respect to a producer's fiduciary capacity, which of the following is true?

A. The payment of premiums to the producer by the insured is not the same as giving the money directly to the insurer
B. For knowingly misappropriating funds, the charge is a Class A misdemeanor for the first offense, and a felony for subsequent offenses, if $150 or less per offense
C. The producer is responsible to the insured for any return of premium
D. A producer is prohibited from adding a late payment charge to overdue balances on open accounts

Answer :

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AarushiAanand AarushiAanand · Answer 1 · 2022-12-16T14:21:41-05:00

With respect to a producer's fiduciary capacity, C. The producer is responsible to the insured for any return of premium is true.

The term “fiduciary capacity” suggests that the capacity of an individual in holding title to a vessel or facility, or otherwise having management of or associate degree interest within the vessel or facility, consistent to the exercise of the responsibilities of the person as a fiduciary.

A return of premium (ROP) insurance rider is an optional add-on to a term life policy that, if you outlast the policy term, pays you all or a number of the money you spent on policy payments.

To learn more about return of premium here

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