Jim would like to start a business raising thoroughbred racehorses. Obtaining insurance on the horses is a key concern, and he was dismayed to learn that none of the insurers authorized to operate in his state offer this specialty insurance
What is the name of the intermediary that Jim can use to place this coverage with an insurer not admitted to his state?
A) alien insurer
B) general agent
C) surplus lines broker
D) direct writer
Answer: C
You might also like to view...
In the ________ of the new-product development phase, marketers estimate the technical and the commercial success of an idea for a new product
A) problem recognition B) product concept development and screening C) idea generation D) commercialization E) technical development
The rate established at the beginning of a period that uses estimated overhead and an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the:
A. Miscellaneous overhead rate. B. Overhead variance rate. C. Estimated labor cost rate. D. Chargeable overhead rate. E. Predetermined overhead rate.
Joy and Kersey want to open a magic and novelty shop as Jo-Kers, with a plan to open other shops in the future. To attain limited liability for the lowest cost and the fewest start-up formalities, their best option is to form
A. a corporation. B. a limited liability company. C. a limited partnership. D. a sole proprietorship.
If the school district wants to build a new high school, they can sell municipal bonds
Indicate whether this statement is true or false.