Final answer:
A captive agent does not own the x-date because they work exclusively for one insurance company, meaning the company retains the policy information, including expiration dates.
Step-by-step explanation:
The statement "A captive agent does not own the x-date" refers to the expiration date of an insurance policy. In this context, the statement means that captive agents, who work exclusively for one insurance company, do not own the renewal rights or the information regarding when an insurance policy is up for renewal. This expiration date, commonly referred to as the 'x-date', is critical for policy renewal and marketing purposes. Since captive agents are employees of the insurance company, the company retains ownership of the policy information, including the x-dates, and therefore has control over renewals and ongoing customer relationships.
Option (c) "The agent works exclusively for one insurance company" is the correct answer, as it correctly explains the concept of a captive agent not owning the x-date in the insurance industry. This contrasts with independent agents, who may own the x-dates and manage their renewal processes because they represent multiple insurance companies and maintain their own client lists.