Question

All of the following statements regarding an insurance producer's fiduciary responsibility are correct except:

a) Duty of loyalty to the principal
b) Duty to disclose all material facts
c) Duty to act within the scope of authority
d) Duty to maximize personal gain

Answer 1

Regarding an insurance producer's fiduciary responsibility, the correct statement among the options provided is that an insurance producer has a d. duty to maximize personal gain.

Step-by-step explanation:

Regarding an insurance producer's fiduciary responsibility, all of the following statements are correct except for: d) Duty to maximize personal gain.

An insurance producer has a duty of loyalty to the principal, which means they are obligated to act in the best interest of the principal. They also have a duty to disclose all material facts to the principal and to act within the scope of their authority.