K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?
Sell the client a more appropriate annuity
Pay monetary restitution to the client
Provide a written apology letter
Pay a penalty of three times the client's loss
The correct answer is "Pay monetary restitution to the client". The Department of Financial Services may order the agent to pay monetary restitution to the client.
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Allowance for Doubtful Accounts represents:
a. Cash set aside to make up for bad debt losses b. The amount of uncollectible accounts written off to date c. The difference between total sales made on credit and the amount collected from those credit sales d. The difference between the gross amount of accounts receivable and the net realizable value of accounts receivable
Strict liability applies to services but not products.
Answer the following statement true (T) or false (F)
While increasing debt levels can increase the owner's return on equity, it also reduces risk.
Answer the following statement true (T) or false (F)
Which of the following stages is LEAST likely to occur in team development?
a. storming b. performing c. norming d. forming