Question 3014 of 303 · California Life-Only Agent Exam
Which of the following describes a fiduciary duty of an insurance producer under California law?
Exactly one answer is correct.
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Correct answer to question 3014
- B: Premiums must be held in trust, apart from the producer's funds
Explanation
Producers who handle premiums act as fiduciaries and must hold funds in trust, accounting for them promptly. Commingling or misappropriation can lead to discipline.
More questions: The Insurance Marketplace, Producers, Ethics and California Law
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