Question

How long most every insurance agent maintain our records books and documents related to each insurance transaction?

A) Two years.
B) Three years.
C) Four years.
D) Five years.

Answer 1

Insurance agents are generally required to maintain records for five years to ensure accountability and transparency.

Step-by-step explanation:

The duration for which an insurance agent must maintain records, books, and documents related to each insurance transaction varies by jurisdiction, but a commonly accepted standard is five years. This period allows for adequate time in case of audits, disputes, or claims that may arise and require historical transaction data to resolve. Regulatory bodies impose this requirement to ensure accountability and transparency in the insurance industry.