Question

To assure the public that only competent, trustworthy individuals and other entities sell insurance and to protect and promote the public interest, this is the primary purpose of:

a) Licensing insurance agents
b) Insurance commissions
c) Insurance fraud investigation
d) Insurance advertising regulations

Answer 1

The primary purpose of assuring competence, trustworthiness, and protecting public interest in insurance sales is licensing insurance agents.

Step-by-step explanation:

Out of the options provided, the primary purpose of assuring the public that only competent, trustworthy individuals and other entities sell insurance and to protect and promote the public interest is licensing insurance agents (option a). The primary purpose of assuring competence, trustworthiness, and protecting public interest in insurance sales is licensing insurance agents.

Licensing insurance agents is an essential part of government regulation in the insurance industry. It ensures that individuals who sell insurance have met the necessary qualifications, such as passing exams and meeting ethical standards. By doing so, it helps maintain consumer confidence in the insurance market and protects the public from potential fraud or incompetence.